STUART, Fla., Feb. 3 12, 2022 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF), one of Florida’s largest community banks, today announced that Charles (Chuck) M Shaffer, chairman and chief executive officer (CEO) of Seacoast, will assume the additional position of chairman of the board of directors of Seacoast (the “Board”) and the company’s principal operating subsidiary, Seacoast National Bank (the ” Bank”), effective February 3, 2022. Dennis S. Hudson III, current Executive Chairman and former Chairman and Chief Executive Officer, will continue to serve on the Board of the Company and the Bank, and Christopher E. Fogal will continue to act as the lead independent director of the board.
Mr. Shaffer said, “On behalf of Seacoast’s Board of Directors, our more than 1,000 associates, and the many customers and communities we serve across Florida, we thank Denny for his outstanding leadership for more than four decades. We are delighted that our Board of Directors continues to benefit from his deep market expertise and institutional knowledge. With the support of the Board of Directors, I look forward to continuing to execute on our balanced growth strategy while building on the strong foundation that has led Seacoast to become Florida’s leading community bank. »
As part of Mr. Shaffer’s elevation to Chairman, Mr. Hudson said, “Seacoast has performed admirably since Chuck was named Chairman and Chief Executive Officer early last year. Under his leadership, Seacoast continued to generate growing tangible book value per share, expanded its presence, both organically and through acquisitions, and capitalized on Florida’s strong economic expansion by achieving new investments in commercial banking and technology. The Board’s unanimous decision to elect Chuck as President reflects our confidence in his leadership and marks the final step in our disciplined succession plan announced in 2020.”
Mr. Hudson further added, “I look forward to continuing to serve on our Board of Directors, continuing my family’s long history with Seacoast, which my grandfather chartered in 1926, and my father and uncle led until I became chairman and CEO in 1992.”
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $9.7 billion in assets and $8.1 billion in deposits as of December 31, 2021. Seacoast provides integrated financial services including corporate and personal banking, management and mortgage services to customers at more than 50 full-service branches across Florida, and through mobile and online banking solutions advancements. Seacoast National Bank is the wholly owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information on Seacoast, visit www.SeacoastBanking.com.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, as well as statements regarding Seacoast’s management team and board of directors, objectives, strategic plans, expectations and intentions and other statements that are not historical facts , each of which may be affected by the COVID-19 pandemic and related effects on the United States economy. Actual results may differ from those set forth in forward-looking statements.
Forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions regarding future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause Seacoast’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
All statements other than statements of historical fact may be forward-looking statements. You can identify these forward-looking statements by our use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “indicate”, “project”, “could”, “intend”, “target ” or other similar words and expression of the future. These forward-looking statements may not be made due to various factors, including, but not limited to: the effects of future economic and market conditions, including seasonality and the negative impact of COVID-19 (economic and other ); government monetary and fiscal policies, including Federal Reserve Board of Governors interest rate policies, as well as legislative, tax, and regulatory changes, including those that impact money supply and inflation ; changes in accounting policies, rules and practices, including the impact of the adoption of CECL; our participation in the Paycheck Protection Program (“PPP”); risks of changes in interest rates on the level and composition of deposits, demand for loans, liquidity and value of loan guarantees, securities and interest-sensitive assets and liabilities; interest rate risks, sensitivities and shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrower credit risk and payment behavior; change retail distribution strategies, customer preferences and behavior; changes in the availability and cost of credit and capital in financial markets; changes in prices, values and sales volumes of residential and commercial real estate; our ability to comply with any regulatory requirements; the effects of problems experienced by other financial institutions that adversely affect us or the banking industry; our focus on commercial real estate lending; inaccuracies or other failures resulting from the use of models, including failure of assumptions and estimates, and differences and changes in economic, market and credit conditions; the impact on the valuation of our investments due to market volatility or counterparty payment risk; statutory and regulatory restrictions on dividends; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly or less effective than expected; our ability to identify and address heightened cybersecurity risks; the inability of our risk management framework to manage the risks associated with our business; reliance on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; the reduction or termination of our ability to use the mobile platform which is essential to our business growth strategy; the effects of war or other conflict, acts of terrorism, natural disasters, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected results and costs associated with existing or new litigation involving us; our ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and damage to reputation resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that our deferred tax assets could be reduced if estimates of future taxable income from our tax planning activities and strategies are lower than current estimates and that sales of our share capital could result in a reduction in the amount of net operating losses carried forward that we may be able to use for tax purposes; the effects of competition from other commercial banks, thrifts, mortgage companies, consumer finance companies, credit unions, securities brokerage firms, insurance companies, market money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, with those competitors offering mail banking products and services , telephone, computer and Internet; and the failure of the assumptions underlying the establishment of reserves for possible loan losses.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement, including, without limitation, the risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and quarterly reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” , and otherwise in our reports and filings with the SEC . These reports are available upon request from the Company or the Securities and Exchange Commission, including on the SEC’s website at www.sec.gov.
Rafael Brazon-Di Fatta