Seacoast National Bank has won regulatory approval for the acquisition of Citizens First Bank.
Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, announced Friday that the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency have approved Seacoast’s application with respect to Seacoast’s previously announced acquisition of Villages Bancorporation, Inc. and Seacoast Bank’s purchase of Citizens First Bank.
All required regulatory approvals to complete the transaction have now been received, and the transaction is expected to close on or around Oct. 1, subject to the satisfaction of customary closing conditions, including approval of the shareholders of Villages Bancorporation, Inc.
The news of Seacoast’s purchase of The Villages’ bank, announced earlier this year, 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 is paying $710.8 million to purchase Citizens First Bank.
Seacoast officials have indicated that the future growth of The Villages, combined with Citizens First Bank’s stellar reputation, made it the perfect fit. 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.