PENDING ACQUISITION

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE K — PENDING ACQUISITION 

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 $688 million in assets, $516 million in deposits, and $381 million in loans, based on amounts outstanding at June 30, 2014, 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 six months ended June 30, 2014 had net income of $1.3 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 July 25, 2014, the transaction would be valued at approximately $73.1 million, with closing to be completed in the fourth quarter of 2014, subject to regulatory approvals and customary closing conditions.