STUART, Fla., Nov. 27, 2013 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast National Bank, announced today that its Board of Directors has approved a 1-for-5 reverse split of its common stock. Shareholders of Seacoast previously authorized the Board of Directors to approve a reverse stock split at the annual meeting in May 2013. Seacoast's common stock will begin trading on a split-adjusted basis on December 13, 2013, the day the reverse stock split becomes effective. The effective time for the stock split is 12:01 a.m. Eastern Standard Time on December 13, 2013.
"We believe a higher stock price following the effective date of the reverse split will broaden the range of investors in our stock, increase the visibility of our earnings trends and lower investor trading costs," said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast.
When the reverse stock split becomes effective, each five shares of Seacoast's common stock will automatically be converted into one share of Seacoast's common stock. Seacoast will not issue fractional shares as a result of the reverse stock split. Any fractional post-split shares as a result of the reverse stock split will be rounded up to the nearest whole post-split share.The reverse stock split will have no impact on shareholders' proportionate equity interests or voting rights, subject to the treatment of fractional shares, and will reduce the number of outstanding shares of common stock of Seacoast from approximately 130 million shares to approximately 26 million shares. For more information regarding the reverse stock split, see "Answers to Frequently Asked Questions on the Reverse Stock Split" on our website at www.seacoastbanking.net.