EQUITY CAPITAL

3 Months Ended

Mar. 31, 2014

EQUITY CAPITAL [Abstract]

EQUITY CAPITAL

NOTE H - EQUITY CAPITAL

The Company is well capitalized for bank regulatory purposes. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth under "Capital Resources" in this Report. At March 31, 2014, the Company's principal subsidiary, Seacoast National Bank, or "Seacoast National", met the risk-based capital and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action.

In the fourth quarter of 2013 the Company redeemed all of its outstanding Series A Preferred Stock.

The Company's Series A Preferred Stock with a par value of $0.10 per share and totaling $50 million was fully redeemed at December 31, 2013. During the first quarter of 2013 quarterly dividends of five percent or $625,000 were remitted to holders of the Series A Preferred Stock.

The Company closed on an additional $25 million in common equity in January 2014 related to a fourth quarter 2013 capital offering.