Third Quarter 2013 Earnings Conference Call
Monday, October 28, 2013
10:00 AM ET
Click here to view our 2012 Annual Report
Our banking subsidiary, Seacoast National Bank was chartered in 1926 and today operates 34 offices in 11 counties along the southeast coast and central region of Florida. With over $2.1 billion in assets, Seacoast ranks among the largest publicly traded community banks based in the state of Florida (NASDAQ: SBCF).
We provide a full range of banking and investment services to businesses and consumers, including personal and business deposit products, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.
Headquartered in Stuart, Seacoast National is the leader in bank deposit market share in Martin County, the Port St. Lucie Metropolitan Statistical Area (MSA), and Okeechobee County, and closely rivals the market penetration of its much larger mega bank competitors in its other principal markets.
Seacoast operates in some of the wealthiest markets in Florida which provides an ideal environment for the financial products and services we offer. In addition, the markets we serve have been transformed in the past few years due to the real estate collapse, national recession and credit crisis that followed, which caused most of our community bank competitors to fail or be acquired by larger banks. Now, large mega banks are our principal competition. This market transformation has created more opportunity to expand our market share by delivering on our value proposition of providing distinctive customer service and investing in our communities.
In 1985, Seacoast National first expanded outside of Martin County, entering Port St. Lucie. This city is contiguous with northern Martin County and is one of the fastest growing cities in the country. Today, Seacoast enjoys a 15% market share in the Port St. Lucie MSA with five branch locations and another in the city of Fort Pierce in northern St. Lucie County. Our newest Port St. Lucie location opened in March 2008 near the community of Tradition in western St. Lucie County.
In 1998, we completed an aggressive expansion into the Indian River County market, which began with a single branch at the corner of U.S. Highway 1 and 12th Street in Vero Beach. Today, Seacoast National has seven offices in Indian River County, including the South Vero Square Branch on U.S. Highway 1, the Oak Point branch on the medical corridor of Vero Beach, an office on SR 60 in western Vero, and two branches in Sebastian, fourteen miles north of Vero Beach. These offices provide Seacoast with a competitive infrastructure of locations in the important Indian River County market.
In 2000, Seacoast National established its marine lending division, Seacoast Marine Finance, which specializes in financing for boats, yachts and recreational vehicles. Headquartered in Ft. Lauderdale, the division expanded into California and Seattle in 2002.
In August of 2002, we began expanding into Palm Beach County with the opening of a Loan Production Office in Jupiter. Seacoast now has three banking offices in Tequesta, Jupiter and Palm Beach Gardens. Palm Beach County is a natural channel for our future expansion, being a contiguous market south of Martin County with tremendous growth opportunities.
In April 2005, Seacoast acquired Century National Bank with three locations in Orange and Seminole Counties. The Century acquisition included loans of $107 million and deposits of $304 million at April 30, 2005.
In April 2006, the merger with Big Lake National Bank was completed. As a result of this merger, Seacoast National Bank added eight new offices in Okeechobee, Arcadia, Clewiston, LaBelle, Lake Placid, Moore Haven, and Wauchula. The Big Lake National Bank merger included $324 million in assets, $206 million in loans and $298 million in deposits.
Seacoast expanded into the Brevard County market in February 2007 when our first branch office opened at The Avenues in Viera, a 420,000 square foot open-air retail complex. Our second full service branch in Viera opened in April 2008.
Looking forward, we will continue to grow our retail franchise by offering a unique combination of the sophisticated products and services offered by the large banks, enhanced by our promise to deliver distinctive person-to-person interactions and high quality customer service and to invest back into our communities. It’s what we believe people want: a team of local bankers with decision-making capabilities who are part of the communities they serve and are responsive to the requests and needs of their customers.
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As of December 6, 2013
Minimum 20 minute delay.
Seacoast Banking Corporation of Florida
815 Colorado Avenue
P.O. Box 9012
Stuart, FL 34994
Investor Relations Contact
Mr. Dennis S. Hudson, III
Continental Stock Transfer & Trust
17 Battery Place South
New York, NY 10004