Seacoast Banking to buy Palm Beach Community Bank

Palm Beach Community Bank founder Cal Cearley. Photo by Bruce Bennett/The Palm Beach Post

Stuart-based Seacoast Banking Corp. of Florida will pay $71 million for Palm Beach Community Bank of West Palm Beach, the companies said late Thursday.

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Launched in 2008, Palm Beach Community Bank has deposits of $281 million and loans of $290 million. The deal would boost Seacoast’s assets to $5 billion.

“Our customers will benefit from our combination with Seacoast, a successful community bank with strong local roots,” Palm Beach Community Bank Chief Executive Cal Cearley said in a statement. “Seacoast’s well-established brand, commitment to the communities it serves, and wide range of mobile and digitally enabled products makes them an ideal partner.”

Cearley is a veteran banker who has proven adept at starting and selling banks. In 1999, he launched Palm Beach County Bank, then sold it to Commerce Bank in 2005.

Seacoast, for its part, has been expanding throughout the state. In a foray into Palm Beach County, it bought Grand Bank & Trust of West Palm Beach.

 

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