-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LZfQZkj7Mt1w7avmpK6DGpAWshSYoGyZQYsv2u/OOnuY0mRYZcIrKgGCzk2lJfzu cHyl3qCrSjuy2hDKPoEQEg== /in/edgar/work/20000629/0000730708-00-000007/0000730708-00-000007.txt : 20000920 0000730708-00-000007.hdr.sgml : 20000920 ACCESSION NUMBER: 0000730708-00-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEACOAST BANKING CORP OF FLORIDA CENTRAL INDEX KEY: 0000730708 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 592260678 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-13660 FILM NUMBER: 664083 BUSINESS ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34994 BUSINESS PHONE: 5612874000 MAIL ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34995 11-K 1 0001.txt SEACOAST BANKING CORPORATION: FORM 11K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE - ----- SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) X For the fiscal year ended December 31, 1999 - ------ OR TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE - ----- SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from ________ to ______ Commission File Number 33-22846 A. Full title of plan and the address of the plan, if different from that of the issuer named below: PROFIT-SHARING PLAN AND TRUST FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: SEACOAST BANKING CORPORATION OF FLORIDA 815 COLORADO AVENUE STUART, FL 34994 RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998 TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS TABLE OF CONTENTS FINANCIAL STATEMENTS Page Reference --------- Independant Auditors' Report 4 Statement of Net Assets Available for Benefits as of December 31, 1999 and 1998 5 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1999 and 1998 6 Notes to Financial Statements 7-9 Supplemental Schedule as of December 31, 1999, as follows: Schedule H, Part IV, Line 4i - Schedule of Assets Held for Investment Purposes as of December 31, 1999 10-13 Schedule H, Part IV, Line 4j - Schedule of Reportable Transactions for the Year Ended December 31, 1999 14 Independent Auditors' Consent 15 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS -------------------------------------------------- To the Pension and Profit Sharing Committee of The Retirement Savings Plan for Employees of First National Bank and Trust Company of the Treasure Coast: We have audited the accompanying statements of net assets available for benefits of The Retirement Savings Plan for Employees of First National Bank and Trust Company of the Treasure Coast ("the Plan") as of December 31, 1999 and 1998, and the related statements of changes in net assets available for benefits for the years ended December 31, 1999 and 1998. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of The Retirement Savings Plan for Employees of First National Bank and Trust Company of the Treasure Coast as of December 31, 1999 and 1998, and the changes in its net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States. Our audits of the Plan's financial statements as of and for the years ended December 31, 1999 and 1998, were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedules of assets held for investment purposes, assets held for investment purposes that were both acquired and disposed of within the Plan year, and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements for the years ended December 31, 1999 and 1998, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Arthur Anderson, LLP - ------------------------ Arthur Andersen, LLP West Palm Beach, Florida, June 25, 2000. RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1999 AND 1998 1999 1998 ---- ---- ASSETS: Investments, at market value- U.S.Government Agency and Treasury Securities $2,665,646 $2,478,339 Mutual Funds 2,427,454 1,584,318 Corporate Bonds 401,439 455,452 Common Stocks: Seacoast Banking Corporation of Florida, Class A 1,551,332 1,471,272 Other 7,967,715 6,913,900 Employee Loans 5,624 26,114 -------- -------- Total investments 15,019,210 12,929,395 ---------- ---------- Receivables- Employer Contributions 770,642 462,636 Employee Contributions 234,704 64,342 Dividends and Interest 76,001 73,624 --------- -------- Total receivables 1,081,347 600,602 --------- -------- Total assets 16,100,557 13,529,997 ---------- ---------- LIABILITIES: Excess contributions payable to plan participants 61,665 - Due to broker 142,019 - -------- -------- Total liabilities 203,684 - -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $15,896,873 $13,529,997 =========== =========== - ---------- The accompanying notes to financial statements are an integral part of these statements. RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 1999 1998 ---------- --------- ADDITIONS: Employer Contributions $1,108,855 $ 787,210 Employee Contributions 769,605 698,128 Dividends and Interest 401,759 363,065 Net Realized and Unrealized Appreciation of Investments 1,646,390 869,006 --------- -------- Total additions 3,926,609 2,717,409 BENEFITS PAID TO PARTICIPANTS (1,559,733) (1,087,594) INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 2,366,876 1,629,815 NET ASSETS AVAILABLE FOR BENEFITS- BEGINNING OF YEAR 13,529,997 11,900,182 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS- END OF YEAR $15,896,873 $13,529,997 =========== =========== - ---------- The accompanying notes to financial statements are an integral part of these statements. RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 1. DESCRIPTION OF THE PLAN ----------------------- The Retirement Savings Plan for Employees of First National Bank and Trust Company of the Treasure Coast (the "Plan") was formed effective January 1, 1983, as later amended, covering all eligible employees, as defined, of First National Bank and Trust Company of the Treasure Coast and subsidiaries (the "Bank" or the "Employer") who have at least one year of service and have made application to the Employer for participation. The Bank's trust department is the trustee (the "Trustee") of the Plan. The Plan has been amended and restated in order to continue the qualification of the Plan under Internal Revenue Service regulations, permit employees to make salary deferrals, provide employer matching contributions and afford each participant five separate investment options. The Plan was further amended in 1995 (the "Amendment") to delete the loan provision in the Plan effective August 15, 1995. The Plan provides for an annual discretionary retirement contribution by the Bank, on behalf of each participant who is employed on the last day of the Plan year. For 1999 and 1998, the Bank's discretionary retirement contribution was 2% of eligible participant salaries. The Bank's profit sharing contribution to the Plan each year is discretionary and is determined by the Bank's Board of Directors. For 1999 and 1998, the Bank's discretionary profit sharing contributions were 5.0% and 1.5%, respectively, of eligible participant salaries. Each participant's account is credited with an allocation of any discretionary retirement contribution, discretionary profit sharing contribution, plan earnings and forfeitures of nonvested amounts from participants who have withdrawn from the Plan. Allocations are based on participant compensation or account balances, as defined. Participants may elect to receive in cash, or defer and invest in the Plan, one half of any discretionary profit sharing contribution to the Plan (the elective portion). The discretionary retirement contribution and remaining nonelective portion of any discretionary profit sharing contribution to the Plan shall be invested in the Balanced Fund. These contributions and employer matching contributions vest at 25% per year of service. Any elective discretionary profit sharing contribution or other employee contributions are subject to Internal Revenue Code ("IRC") limitations and shall be treated as elective contributions which are fully vested at all times and are not subject to forfeiture. The Bank will match on a dollar-for-dollar basis participant salary deferrals representing up to 4% of eligible participant salaries. Also, the Bank will match on a dollar-for-dollar basis the elective portion of any discretionary profit sharing contribution that the participant invests in the Plan. Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions and to terminate the Plan. In the event of Plan termination, participants will become fully vested in all of their account balances. Additional information about the Plan agreement and the vesting and benefit provisions is contained in the Summary Plan Description. Copies of this summary are available from the Bank's human resources department. 2. INVESTMENTS - -------------- Investments in U.S. Government Agency Securities, mutual funds, corporate bonds, common stocks and fixed income securities are stated at market value using the closing year-end quoted market prices. Interest income earned is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. The Plan maintains the following five investment funds to which participants may direct the investment of the elective portions of their account balances. Participants may allocate and reallocate their Plan accounts, on a quarterly basis, in 10% increments among the available funds, as described below. Each of the investment funds is managed by the Trustee. Common Stock Fund ----------------- This fund consists of money market instruments, common stock mutual funds and high quality common stocks which are evenly divided between income-oriented and growth-oriented securities. The value of an investment in this fund will fluctuate in accordance with market conditions and may be volatile. Seacoast Stock Fund ------------------- This fund consists solely of money market instruments and Class A common shares in Seacoast Banking Corporation of Florida (the "Company"), the parent company of the Bank. Company stock is purchased on a monthly basis and will remain fully invested in shares of the Company's stock. The return registered by this investment fund will depend directly on the performance of the Company's stock. The value of an investment in this fund will fluctuate in accordance with the performance of the Company's stock and general market conditions. As the portfolio is invested in only one corporation (and, thus, not diversified), the value of an investment in this fund may be volatile. Fixed Income Fund ----------------- This fund consists of money market instruments, mutual funds and high quality bonds with an average maturity of no greater than ten years. The value of an investment in this fund will fluctuate in accordance with interest rates and, therefore, may be volatile. Money Market Fund ----------------- This fund is invested in money market instruments which are invested in short-term bonds. The value of an investment in this fund should not fluctuate greatly in value and may be relatively nonvolatile. Balanced Fund ------------- This fund consists of a mixture of mutual funds, common stocks, bonds and money market instruments. The maximum exposure to common stocks is 60%, and the average maturity of bonds is no greater than ten years. The value of an investment in this fund will fluctuate in accordance with the stock and bond markets and may be moderately volatile. The Plan's net realized and unrealized appreciation/(depreciation) of investment by type are as follows: Net Appreciation/ Market Value at (Depreciation) End of Year ------------------- ------------------ 1999 1998 1999 1998 ------------------- ------------------ U.S. Government Agency Securities $(152,326) $ 11,640 $ 2,665,646 $ 2,478,339 Mutual Funds 321,977 194,695 2,427,454 1,584,318 Corporate Bonds (18,802) 13,390 401,439 455,452 Common Stocks 1,495,541 649,281 9,519,047 8,385,172 Employee Loans - - 5,624 26,114 ------- ------- ------- ------- $1,646,390 $869,006 $15,019,210 $12,929,395 ========== ======== =========== =========== At December 31, 1999 and 1998, net assets available for benefits include $2,788,773 and $2,587,425, respectively, representing the vested benefits of former employees. The fair value of individual investments that represent 5% or more of the Plan's net assets are as follows as of December 31: 1999 1998 ---- ---- Common Stock, Seacoast Banking Corporation of Florida, Class A* $1,551,332 $1,471,272 Goldman Sachs Treasury Institutional Portfolio 1,440,440 1,014,525 *Related party-in-interest of the Plan. 3. INCOME TAX STATUS ----------------- In its determination letter dated June 29, 1995, the Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code ("IRC") and is, therefore, not subject to tax under present income tax law. Accordingly, the Plan is entitled to an exemption under the provisions of IRC Section 501(a); thus, no provision for income taxes has been made in the accompanying financial statements. The Plan is required to operate in conformity with the IRC to maintain its qualification. The Bank filed a request with the Internal Revenue Service for a determination letter for the amended Plan relating to the Port St. Lucie plan merger discussed in Note 1 during the 1998 Plan year. To date, the IRS has not issued a determination letter for the amended Plan. The Plan's management is not aware of any course of action or series of events that have occurred, and does not believe that any amendments of the Plan will adversely affect the Plan's qualified status. 4. TRANSACTIONS WITH RELATED PARTIES-IN-INTEREST --------------------------------------------- At December 31, 1999 and 1998, the Plan held 54,195 and 51,851 shares, respectively, of Seacoast Banking Corporation of Florida, Class A common stock with a market value of $1,551,332 and $1,471,272, respectively. The Plan received $51,632 and $45,262 during 1999 and 1998, respectively, in dividends from the Company. All costs and expenses incurred in connection with the operations of the Plan are paid by the Bank. 5. RECONCILIATION TO FORM 5500 --------------------------- At December 31, 1999, $24,801, representing the elective portion of the discretionary profit sharing contribution elected to be received in cash, and is a component of net assets available for benefits for financial reporting purposes. However, this balance is reflected as benefits paid and benefits payable and, consequently, as a reduction of Plan net assets on the Form 5500. Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. At December 31, 1999, such claims totaled $178,832. SCHEDULE I Page 1 of 3 RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1999 Number of Identity of Issue/ Shares or Current Description of Asset Units Cost Value - ----------------------------------------- ---------------------------------- U.S. Government Agency Securities: Federal Home Loan Mortgage,6.82%, due 06/29/2005 50,000 $ 50,000 $ 48,125 Federal Home Loan Mortgage,6.97%, due 06/16/2005 100,000 99,156 96,875 Federal Home Loan Mortgage,6.25%, due 02/01/2006 150,000 142,019 142,969 Federal Home Loan Bank, 8.06%, due 03/10/2005 50,000 50,204 50,125 Federal Home Loan Bank, 5.76%, due 12/01/2005 50,000 50,000 46,735 Federal Home Loan Banks, 6.50%, due 06/29/2004 150,000 150,000 144,844 Federal Home Loan Bank, 6.50%, due 07/30/2004 150,000 150,000 145,172 Federal Home Loan Bank, 6.407%, due 02/22/2006 50,000 50,000 47,906 Federal Home Loan Bank, 6.305%, due 12/03/2001 50,000 50,000 49,547 Federal National Mortgage Assn.,7.55%, due 03/27/2007 125,000 126,525 124,180 Federal National Mortgage Assn.,7.17%, due 06/26/2007 125,000 126,094 119,883 Federal National Mortgage Assn.,7.32%, due 05/03/2006 100,000 100,500 98,640 Federal National Mortgage Assn.,7.0%, due 01/28/2004 125,000 125,000 123,475 Federal National Mortgage Assn.,7.2%, due 02/06/2007 50,000 50,000 48,780 Federal National Mortgage Assn.,5.99%, due 08/21/2003 50,000 50,528 48,380 Federal National Mortgage Assn.,5.41%, due 12/15/2003 150,000 150,000 141,045 Federal National Mortgage Assn.,6.00%, due 05/15/2008 100,000 106,539 93,657 Federal National Mortgage Assn.,6.19%, due 07/07/2008 50,000 51,375 45,900 Federal National Mortgage Assn.,6.60%, due 03/11/2009 200,000 200,000 188,800 Federal National Mortgage Assn.,7.17%, due 06/26/2007 30,000 29,989 28,772 Federal National Mortgage Assn.,7.02%, due 04/10/2006 25,000 25,300 24,308 Federal National Mortgage Assn.,7.585%, due 09/19/2006 25,000 24,983 24,602 Federal National Mortgage Assn.,6.54%, due 09/18/2002 150,000 152,310 148,305 Federal National Mortgage Assn.,6.0%, due 06/04/2003 100,000 100,200 97,760 Federal National Mortgage Assn.,6.57%, due 02/11/2008 50,000 49,938 46,423 Federal National Mortgage Assn.,6.49%, due 02/20/2008 45,000 45,000 42,183 Federal National Mortgage Assn.,6.36%, due 07/16/2008 100,000 100,000 92,070 Federal National Mortgage Assn.,6.14%, due 08/18/2008 50,000 50,000 45,670 Federal National Mortgage Assn.,6.14%, due 09/10/2008 25,000 25,000 23,110 FNMA, 7.03%, due 10/25/2006 50,000 50,000 48,445 F F C B, dated 11/04/1997 100,000 101,700 96,900 F H L M C, dated 09/08/2008 50,000 50,000 46,281 U.S. Treasury Note, 5.25%, dated 5/15/1999 due 5/15/2004 100,000 97,623 95,779 ------ ------ Total U.S. Government Agency and Treasury Securities $2,779,983 $2,665,646 ========== ========== (Continued) SCHEDULE I Page 2 of 3 RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1999 (Continued) Number of Shares or Current Identify of Issue/Description of Asset Units Cost Value - -------------------------------------------------------------------------------- Mutual Funds: Fidelity Overseas Trust 2,506 $ 60,401 $ 120,297 Franklin Strategic 9,050 200,000 401,259 Janus Worldwide Fund 3,108 150,000 237,557 Goldman Sachs Fixed Income 21,727 210,000 203,583 Standish Ayer & Wood 1,312 25,000 24,318 Goldman Sachs Financial 1,440,440 1,440,440 1,440,440 --------- --------- Total Mutual Funds $2,085,841 $2,427,454 ========== ========== Corporate Bonds: A T & T Corp, 7%, due 05/15/2005 100,000 100,400 98,411 Conn L & P, 6.125%, due 02/01/2004 50,000 49,061 50,000 Ford Motor Credit, 6.25%, due 11/08/2000 75,000 75,765 74,805 Texas Instruments, 6.125%, due 02/01/2006 105,000 102,295 97,178 J.P. Morgan & Co, 7.25%, due 10/01/2010 10,000 9,950 10,013 Citicorp Sub Notes, 6.375%,due 01/15/2006 75,000 76,027 71,032 ------- ------- Total Corporate Bonds $413,498 $401,439 ======== ======== Seacoast Banking Corporation of Florida* 54,195 $1,168,862 $1,551,332 ========== ========== Common Stocks, Other: A T & T Corp 4,125 $ 92,227 $ 209,604 Aetna Inc. 2,400 172,955 133,951 ALCOA Inc. 3,000 93,778 249,000 American Express Co 500 48,004 83,125 American Home Products 3,800 95,651 149,150 Amgen Inc. 8,800 94,059 528,554 AMR Corp. 3,000 178,361 201,000 Baker International Inc. 600 13,497 37,688 Bowater Inc. 3,700 172,947 200,958 Chase Manhattan Corp. 3,700 253,008 287,446 Cisco Systems Inc. 2,300 85,250 246,388 Citigroup 5,625 214,855 313,245 Coca Cola Co 3,200 227,274 186,400 Du Pont El De Nemours & Co 2,200 135,454 144,925 Federal National Mortgage Assn. 800 15,714 49,950 First Union Corp. 3,400 167,637 111,989 Ford Motor Co Del 2,000 53,580 106,626 General Electric 2,400 159,636 371,400 Hewlett Packard Co. 1,500 160,304 170,625 Home Depot 3,450 126,661 237,188 - ---------- *Related party-in-interest of the Plan. (Continued) SCHEDULE I Page 3 of 3 RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES FOR THE YEAR ENDED DECEMBER 31, 1999 (Continued) Number of Shares or Current Identity of Issue/Description of Asset Units Cost Value - -------------------------------------------------------------------------------- Common Stocks, Other: (Cont'd) I B M Co. 1,700 $ 106,824 $ 183,388 Intel 5,000 187,125 411,565 Lilly Eli Co. 2,700 189,920 179,550 Lucent Technologies 2,900 122,340 217,500 McDonalds Corp. 1,600 23,040 64,501 MCI Worldcom. Inc. 3,000 156,375 159,189 Merck & co. Inc. 1,800 21,005 120,938 Microsoft Corp. 3,400 105,729 396,950 Morgan J P & Co. Inc. 1,500 132,323 189,938 Morgan Stanley Dean Witter Discover & Co. 2,000 65,775 285,500 Motorola Inc. 1,000 114,976 147,250 Pfizer Inc. 3,100 144,496 165,434 Philip Morris Companies 5,400 202,864 124,200 Proctor & Gamble Co. 2,300 159,677 251,995 Schlumberger Ltd. 4,100 231,360 230,113 Southern Co. 1,500 39,278 35,250 Sun Microsystems Inc. 6,000 147,188 464,628 Transocean Sedco Forex Inc. 795 - 26,740 United Technologies Corp. 2,000 46,280 130,000 Warner Lambert Co. 2,000 69,875 163,874 ------ ------- Total Common Stock, Other $4,827,302 $7,967,715 ========== ========== Employee Loans ranging from 6.5% to 9.5%, maturing through 2025 $ 5,624 $ 5,624 ========= ========== SCHEDULE II RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR ENDED DECEMBER 31, 1999 Proceeds Identify of Issue, Cost of From Borrower, Description of Acqui- Dispos- Lessor, or Similar Party Investment itions itions - -------------------------------------------------------------------------------- Caterpillar Inc. 1,000 shares, common stock $ 46,195 $46,366 Alcan Aluminum Ltd. Company 2,000 shares, common stock 49,340 75,982 FPL Group Inc. 600 shares, common stock 32,702 25,982 Alcan Aluminum Ltd. Company 2,000 shares, common stock 49,390 73,108 FPL Group Inc. 1,000 shares, common stock 54,504 42,991 Marketspan Corp. 528 shares, common stock 17,514 15,836 Southern Company 3,500 shares, common stock 91,648 82,002 Morgan Stanley Equity Growth A 301 units 5,659 5,942 Franklin Small Cap Growth 9,087 units 222,091 245,607 - ---------- This schedule incorporates all disclosures required by the Department of Labor for assets held for investment purposes that were both acquired and disposed of within the plan year ended December 31, 1999. SCHEDULE III RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST SCHEDULE H, PART IV, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1999 Purchases Sales --------------- ------------------------------------- Current Value of Asset on Net Purchase Selling Cost of Transaction Gain or Description of Asset Price Price Asset Date (Loss) - -------------------------------------------------------------------------------- Franklin Strategic Small Cap Growth $443,253 $245,607 $200,000 $245,607 $45,607 - ---------- NOTES: (1)Transaction included herein represent transactions or a series of transactions in securities of the same issue in excess of 5% of the fair value of Plan assets at the beginning of the year. (2)This schedule incorporates all disclosures required by the Department of Labor for assets purchased or sold within the year. SIGNATURES The Plan, pursuant to the requirements of the Securities Exchange Act of 1934, the Pension and Benefits Committee of the Profit-Sharing Plan and Trust from Employees of First National Bank & Trust Company of the Treasure Coast has duly caused this annual report to be signed by the undersigned thereunto duly authorized. PROFIT-SHARING PLAN AND TRUST FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST Date: 6/28/00 By: /s/ William R. Hahl ----------- ------------------- Member of the Pension and Benefits Committee CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS As independent certified public accountants, we hereby consent to the incorporation by reference of our report dated June 25, 2000 included in this Form 11-K, into the Company's previously filed Registration Statement on Form S-8. /s/ Arthur Andersen, LLP - ------------------------ Arthur Andersen LLP West Palm Beach, Florida, June 25, 2000 -----END PRIVACY-ENHANCED MESSAGE-----