STUART, Fla., Sept. 25, 2013 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ-NM: SBCF) today announced that the Office of the Comptroller of the Currency ("OCC") has notified Seacoast National Bank (the "Bank"), Seacoast's sole bank subsidiary, that it is terminating all prior enforcement actions with the Bank. As a result, the Bank is no longer subject to the formal agreement entered into with the OCC on December 16, 2008 relating to programs designed to improve credit quality.
In addition, the OCC has eliminated, and the Bank will no longer be subject to, individual minimum capital ratios ("IMCR") which were established for the Bank on December 9, 2009. Consequently, the Bank will be subject to the general regulatory minimums to be considered "well-capitalized", which are a Tier 1 leverage capital ratio of at least 5.00%, a Tier 1 risk-based capital ratio of at least 6.00% and a total risk-based capital ratio of at least 10.00%. At June 30, 2013, the Bank is well capitalized with regulatory capital ratios of 9.48%, 15.80% and 17.05%, respectively.
"The termination of the formal agreement and the IMCR is the result of the focus and commitment of our directors, officers and employees to strengthen the organization following the credit crisis and Great Recession," commented Dennis S. Hudson, III, Chairman and Chief Executive Officer. "We believe that these developments will enhance our ability to implement our growth strategy and provide our customers with personal service and competitive financial solutions. It is gratifying to know that our primary regulator has recognized the significant progress we have made in addressing the formal agreement. We are now in a position to leverage our bank franchise and focus on future growth and financial performance."