, Oct. 21, 2013 /PRNewswire/ -- Seacoast Banking Corporation of
("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.
"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
The new director compensation policy for non-employee directors was adopted by the Board effective
, 2013. It provides an annual retainer of
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.