EQUITY CAPITAL

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

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 June 30, 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.

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 six months of 2013 dividends of five percent or $1,250,000 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.