Citizens First Bank’s dominance of The Villages made it an attractive acquisition

Citizens First Bank’s dominance of The Villages made it an attractive acquisition for another regional bank with bigger dreams.

The blockbuster news of Seacoast’s purchase of The Villages’ bank surprised many customers of the Morse family-owned bank, which has been a cornerstone of Florida’s Friendliest Hometown for more than three decades.

Seacoast Bank officials held an investor call Friday morning to explain how the deal came together and what the future holds.

“We are very excited,” said Charles Shaffer, CEO and chairman of Seacoast Bank. “To our new Citizens First Bank employees and customers, we welcome you to the Seacoast family.”

He said his bank began looking into the Citizens First Bank purchase this past November when Citizens First Bank’s ownership held a “limited auction” in its search for a potential suitor.

“We’ve been waiting for the right opportunity,” Shaffer said.

During the investor call, Seacoast officials presented a graphic which clearly showed the strength of Citizens First Bank’s parent company, Villages Bancorporation Inc., in the local market. It has a 52.9 percent market share, far outdistancing any potential rivals.

Seacoast officials also made it clear that the future growth of The Villages, combined with Citizens First Bank’s stellar reputation, made it the perfect fit.

Seacoast is paying $710.8 million to purchase Citizens First Bank.

Seacoast, which dates back to 1926 in Stuart and survived the hardscrabble days of the Depression, found the people at Citizens First Bank shared the same set of values.

“We are very customer focused,” Shaffer said. “Integration will be key.”

He made it clear in the investor call that Seacoast wants to become Florida’s premier bank in the years ahead. It is currently Florida’s sixth-largest bank, but will move up in the ranks should regulators clear its purchase of Citizens First Bank, the state’s 11th largest bank. Citizens First Bank has more than 400 employees. Seacoast has more than 1,500 employees.

He said that maintaining customer focus will be key to Seacoast’s long-term success.

“We can be a unique Florida-focused bank,” Shaffer said.

He added that national banks are creating “a lot of frustrated customers.”