Professional Holding Corp. | Stephens

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Financial Advisor

Professional Holding Corp.

$488.6 Million 08/08/2022 Depository Pending
Public Companies
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Transaction Details

  • On August 8, 2022, Seacoast Banking Corporation of Florida (NASDAQGS:SBCF) (“Seacoast”) announced that it has entered into a definitive agreement to acquire Professional Holding Corp. (NASDAQGS:PFHD) (“Professional”) and its wholly-owned subsidiary, Professional Bank, in an all-stock transaction with an aggregate value of approximately $488.6 million based on Seacoast’s closing stock price of $36.75 as of August 5, 2022
  • Under the terms of the acquisition agreement, Professional shareholders are expected to receive 0.8909 shares of Seacoast common stock for each share of Professional common stock outstanding
  • Seacoast announced that the transaction is expected to be 11.8% accretive to Seacoast’s earnings per share in 2023, and 15.4% in 2024, with modest dilution of tangible book value per share that will be earned back in ~2.3 years
  • The transaction is expected to be completed in Q1’23
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. (1) Transaction multiples calculated on a per share basis, Professional’s GAAP level data as of June 30, 2022 and Seacoast’s closing price of $36.75 as of August 5, 2022.
    (2) Based on Professional’s closing stock price of $23.17 as of August 5, 2022.
    (3) Professional and Seacoast GAAP data as of June 30, 2022. Seacoast figures pro forma for pending acquisitions of Apollo Bancshares, Inc. and Drummond Banking Company, excluding purchase accounting adjustments.

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