This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Seacoast Announces Shift To More Stock-Based Director Compensation





STUART, Fla., Oct. 21, 2013 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ-NMS: SBCF), a bank holding company whose operating subsidiary is Seacoast National Bank (the "Bank"), announced today that its board of directors has revised the compensation structure for its non-employee directors.  Under the new structure, half of the compensation paid to non-employee directors for their service as board members is paid in the form of Seacoast common stock.

(Logo: http://photos.prnewswire.com/prnh/20050916/SEACOASTLOGO )

"The purpose of this stock-linked compensation is to provide the Company's directors with further incentive for focusing on long-range business performance and future shareholder returns. We believe this is best accomplished by aligning director compensation with shareholder interests so they share the benefits of an increase in Seacoast's stock value as well as the risk of a decrease," explained Lead Director Roger Goldman.

The new director compensation policy for non-employee directors was adopted by the Board effective July 1, 2013.  It provides an annual retainer of $75,000 for service as a director of the Company and the Bank, half of which is paid in the form of an equity grant of the Company's common stock.  The equity portion of the annual retainer is awarded under a shareholder-approved plan. For 2013, the equity compensation will be awarded in January to allow interested directors to defer some or all of the stock compensation into the Company's Directors' Deferred Compensation Plan. This plan also allows directors to defer a portion of their cash compensation into Seacoast stock.  Officers who are also directors of the Company or the Bank do not receive any additional compensation for their service as a director.

The Company already has stock ownership guidelines for their executives and directors.  Under these guidelines, each director is expected to acquire, and hold throughout their tenure, shares of Seacoast common stock equal to five times their annual retainer.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs