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STUART, Fla., Dec. 12, 2013 /PRNewswire/ -- Seacoast Banking Corporation of
Florida ("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast National Bank, announced today that it has filed an amendment to its Amended and Restated Articles of Incorporation with the
Florida Secretary of State to effect a 1-for-5 reverse split of its common stock, effective as of
12:01 a.m. Eastern Standard Time on
December 13, 2013 ("Effective Date"). Shareholders of Seacoast previously authorized the Board of Directors to approve a reverse stock split at the annual meeting in May 2013, and as previously announced, the Board of Directors approved the reverse split at a ratio of 1-for-5.
On the Effective Date, 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 Company's common stock will begin trading on the Nasdaq Global Select Market on a split-adjusted basis when the market opens on
December 13, 2013 under a new CUSIP number. The new CUSIP number will be 811707801. The common stock will continue to trade under the symbol "SBCF."
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.
Holders of certificates representing shares of the Company's common stock will receive instructions from the Company's transfer agent and exchange agent, Continental Stock Transfer & Trust Company, regarding the process for exchanging their certificates for new certificates representing the post-split amount of shares. Continental Stock Transfer can be reached at (917) 262-2378. For more information regarding the reverse stock split, see "Answers to Frequently Asked Questions on the Reverse Stock Split" on our website at