STUART, Fla., Nov. 5, 2013 /PRNewswire/ -- Seacoast Banking Corporation of Florida (the "Company") (NASDAQ-NM: SBCF), the holding company for Seacoast National Bank, announced today that it has commenced a registered direct public offering of up to $75 million of its shares of common stock.
The Company intends to use the net proceeds of this offering to redeem all of the 2,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, originally issued to the United States Department of the Treasury pursuant to the Capital Purchase Program as part of its Troubled Asset Relief Program. Additionally, the remainder of the proceeds will be used to support the Company's growth plans, investments in, or extensions of credit to, the Company's subsidiaries, investments in securities and other general corporate purposes.
Hovde Group, LLC is acting as the placement agent in connection with this registered direct public offering.The shares of common stock are being offered pursuant to a shelf registration statement (File No. 333-185660), which was declared effective by the United States Securities and Exchange Commission (the "SEC") on February 14, 2013. The Company has filed with the SEC a preliminary prospectus supplement with respect to the proposed registered direct public offering. This press release is for informational purposes only, and shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov or by request at Hovde Group, LLC, Attention: David Magli, General Counsel and Chief Operating Officer, 1629 Colonial Parkway, Inverness, IL 60067, by telephone at 855-400-0802, or by email at firstname.lastname@example.org