PENDING ACQUISITION

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE K — PENDING ACQUISITION

Acquisition

On March 25, 2015, Seacoast and its wholly-owned bank subsidiary, entered into an Agreement and Plan of Merger with Grand Bankshares, Inc., a Florida corporation (“Grand”), and Grand’s wholly-owned subsidiary, Grand Bank & Trust of Florida, a Florida bank. The merger agreement provides that Grand will merge with and into Seacoast, with Seacoast continuing as the surviving corporation. The acquisition of Grand, a $208 million total asset organization, is a 16-year-old organization institution in Palm Beach County, Florida, will more than double our size in the Palm Beach County market and will add an additional two offices to our existing three traditional branch offices in the county.The acquisition is pending shareholder and regulatory approvals and is expected to close in the third quarter 2015.

Under the terms of the definitive agreement, Seacoast will issue  0.3114 Seacoast shares of common stock  for  each  outstanding  share  of  Grand  common  and  preferred  A  stock,  or  a  total  of approximately 1.09 million shares of Seacoast common stock. Additionally, Seacoast will pay approximately $1,481,000 in cash for all of Grand’s outstanding shares of preferred B stock, representing the par value of $1,000 per share of preferred B stock.  Based on Seacoast's 15 day volume weighted average price of $13.52 on March 24, 2015 and the cash consideration, the transaction will be valued at approximately $16.2 million.