In the news release, Seacoast Banking Corporation of Florida Announces Pricing of Registered Direct Public Offering, issued Nov. 6, 2013 by Seacoast Banking Corporation of Florida over PR Newswire, we are advised by the company that the information in the second paragraph has been updated. The complete, corrected release follows:
Seacoast Banking Corporation of Florida Announces Pricing of Registered Direct Public Offering
STUART, Fla., Nov. 6, 2013 /PRNewswire/ -- Seacoast Banking Corporation of Florida (the "Company") (NASDAQ-NM: SBCF), the holding company for Seacoast National Bank, announced today that the registered direct public offering of 34,883,721 shares of its common stock has priced at $2.15 per share for gross proceeds of approximately $75 million, before deducting placement agent fees and estimated offering expenses. The Company has entered into definitive purchase agreements to sell the shares directly to investors.
The closing of the offering is expected to occur on or about November 12, 2013, with a delayed closing for one purchaser that will require regulatory approval. In this regard, the purchase of $25 million of shares by a single investor in the offering is subject to regulatory approval by the Federal Reserve, which approval is anticipated to be received in December 2013. 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 acted as the placement agent in connection with this registered direct public offering.