SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

NOTE K - SUBSEQUENT EVENTS

Acquisition

On April 24, 2014, Seacoast signed a definitive agreement and plan of merger with The BANKshares, Inc., a bank holding company ("BANKshares"). BANKshares founded in 1989, is headquartered in Winter Park, Florida, and following the closing of the merger, the acquisition is expected to add approximately $674 million in assets, $506 million in deposits, and $374 million in loans, along with twelve branch locations throughout central Florida. For the year ended December 31, 2013, BANKshares reported net income of $3.0 million, and for the three months ended March 31, 2014 had net income of $0.7 million. The all-stock transaction provides that BANKshares' shareholders will receive 0.4975 shares of Seacoast common stock. Based on Seacoast's closing price on April 23, 2014, the transaction would be valued at approximately $76 million, with closing to be completed in the fourth quarter of 2014, subject to regulatory approvals and customary closing conditions.