May 4, 2017 / 9:41 PM / 7 months ago

BRIEF-Seacoast to acquire Palm Beach Community Bank

May 4 (Reuters) - Seacoast Banking Corporation Of Florida

* Seacoast to acquire Palm Beach Community Bank, expanding in attractive Southeast Florida banking market

* Seacoast Banking Corporation of Florida - Pursuant to terms of merger agreement, PBCB, will be merged with and into Seacoast Bank

* Seacoast Banking Corporation of Florida - Expects PBCB acquisition to be accretive to earnings per share in 2017

* Seacoast Banking Corporation of Florida - Transaction valued at about $71.2 million based on Seacoast’s 5 day trailing average closing price of $24.36 as of May 2

* Seacoast Banking Corporation of Florida - Has signed a definitive agreement to acquire Palm Beach Community Bank

* Seacoast Banking - PBCB shareholders to get for each PBCB share 0.9809 of share of co which remains fixed so long as co’s stock trades between $21-$22.75

* Seacoast Banking Corporation - PBCB shareholders will also get $6.33 in cash subject to adjustment for certain expenses as provided in merger agreement Source text for Eikon: Further company coverage:

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