SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 12, 2002
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SEACOAST BANKING CORPORATION OF FLORIDA
(Exact Name of Registrant as Specified in Charter)
Florida 1-13660 59-2260678
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number Identification No.)
815 Colorado Avenue, Stuart, FL 34994
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (772) 287-4000
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Item 9. Regulation FD Disclosure
Information regarding the Registrant's formation of Seacoast Asset
Management, LLC is furnished herein as Regulation FD disclosure.
This filing contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.
Forward-looking statements include statements with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates and intentions,
and involve known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause the actual results, performance or
achievements of Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. You should
not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words
such as "may", "will", "anticipate", "assume", "should", "indicate", "would",
"believe", "contemplate", "expect", "estimate", "continue", "point to",
"project", "could", "intend" or other similar words and expressions of the
future. These forward-looking statements may not be realized due to a variety of
factors, including, without limitation: the effects of future economic
conditions; governmental monetary and fiscal policies, as well as legislative
and regulatory changes; the risks of changes in interest rates on the level and
composition of deposits, loan demand, and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest rate risks
and sensitivities; the effects of competition from other commercial banks,
thrifts, mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and other mutual
funds and other financial institutions operating in the Company's market area
and elsewhere, including institutions operating regionally, nationally and
internationally, together with such competitors offering banking products and
services by mail, telephone, computer and the Internet; the failure of
assumptions underlying the establishment of reserves for possible loan losses,
and the risks of mergers and acquisitions, including, without limitation, the
related costs, including integrating operations as part of these transactions,
and the failure to achieve the expected gains, revenue growth and/or expense
savings from such transactions.
All written or oral forward looking statements attributable to the Company
are expressly qualified in their entirety by this Cautionary Notice including,
without limitation, those risks and uncertainties, described in the Company's
annual report on Form 10- K for the year ended December 31, 2001 under "Special
Cautionary Notice Regarding Forward Looking Statements", and otherwise in the
Company's SEC reports and filings. Such reports are available upon request from
Seacoast, or from the Securities and Exchange Commission, including the SEC's
website at http://www.sec.gov.
As Regulation FD disclosure, the Registrant furnishes its press release,
dated June 12, 2002, as Exhibit 99.1.
Exhibit No. Document Description
99.1 Press Release announcing formation of Seacoast Asset Management, LLC
99.2 Additional 8-K information
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SEACOAST BANKING CORPORATION OF FLORIDA
Date: June 17, 2002 By: /s/William R. Hahl
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William R. Hahl
Executive Vice President & CFO
EXHIBIT 99.1
NEWS RELEASE Dennis S. Hudson, III
President and Chief Executive Officer
Seacoast Banking Corporation of Florida
772-288-6086
Nola Maddox Falcone
President and Chief Investment Strategist
Seacoast Asset Management, LLC
772-221-2651
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SEACOAST FORMS NEW INVESTMENT MANAGEMENT AFFILIATE
Acclaimed Wall Street fund advisor moves to Florida's Treasure Coast
STUART, FL., June 12, 2002 - Nola Maddox Falcone, CFA, and First National Bank
and Trust Company of the Treasure Coast, the operating subsidiary of Seacoast
Banking Corporation of Florida (NASDAQ-NMS:SBCF), announced today the formation
of Seacoast Asset Management, LLC to be headed by the Wall Street veteran. Ms.
Falcone is a 30-year veteran in the investment industry having served as Co-CEO
of Evergreen Asset Management Corporation, investment manager of the Evergreen
Funds, a mutual fund complex that was purchased by First Union Corporation in
1994. During her 22-year tenure with Evergreen and First Union, assets under
management grew to over $14 billion.
The partnership will bring Ms. Falcone's well-known investment management
expertise to work with First National Bank's Financial Services Group. The group
currently manages brokerage, investment and fiduciary relationships representing
over $600 million in client assets. The new firm will also provide additional
resources to further expand upon Ms. Falcone's asset management capabilities.
She is the principal/founder of NMF Asset Management in White Plans, New York,
which will become part of Seacoast Asset Management, providing investment
management to institutions, such as pensions and charitable foundations, and
high net worth individuals. The firm will specialize in small cap value and
multi cap products. Ms. Falcone previously originated and managed The Evergreen
Small Cap Value Fund, which had a five-star ranking through most of her
management tenure, and The Evergreen Income and Growth Fund over a 20 year
period. The latter fund, designed for retirees, concentrated on long-term
growth, yield and low volatility.
As one of Wall Street's foremost money managers, Ms. Falcone has regularly
appeared in the media and was named by Barron's as one of the 100 Best Fund
Managers for two years (1997 and 1998). Stories highlighting her investment
strategies have appeared on CNN, CNBC and in The New York Times, Town & Country,
Morningstar, Financial World, USA Today, Barron's, Money, Ladies' Home Journal
and Business Week. Her career began as a trust investment officer with Chase
Manhattan Bank in New York.
Commenting on the announcement, Ms. Falcone said, "I am delighted to partner
with Seacoast, a company with a solid reputation, an impressive balance sheet,
dedicated management, and a loyal, growing customer base."
Ms. Falcone brings a balanced approach to portfolio management, minimizing risk
and focusing on long-term performance. "Although investors may now take a more
conservative approach in light of the recent economic turmoil in the U.S., I
believe that reducing risk has been and will continue to be the key to long term
success," comments Falcone. "I believe in original research to search for
opportunities where the risk and reward outlook is attractive."
Seacoast President and CEO Dennis S. Hudson III said, "This is an exciting
opportunity to grow with the Treasure Coast market and its ever-expanding
investment needs. Teaming up with Ms. Falcone is an innovative solution for our
investment clients who demand expert advice. It provides the best of both
worlds, bringing the flavor and experience of Wall Street combined with our
local presence and superior levels of service."
Seacoast will host a conference call at 3:30 p.m. (EDT) today. The call will be
available at 1-888-400-7917, using the pass code #1956326. For those who are
unable to listen to the live conference call, a replay will be available from
6:30 p.m. on June 12, 2002 until 8:00 p.m. on June 19, 2002, by dialing
1-703-925-2474, pass code #1956326.
Seacoast Banking Corporation of Florida has approximately $1.2 billion in
assets. It is one of the largest independent commercial banking organizations in
Florida, headquartered on Florida's Treasure Coast, one of the wealthiest and
fastest growing areas in the nation.
EXHIBIT 99.2
ADDITION DISCLOSURE ON THE TRANSACTION FORMING SEACOAST ASSET MANAGEMENT, LLC
Ownership
Seacoast's wholly owned subsidiary bank, First National Bank and Trust
Company of the Treasure Coast (the "Bank"), has contributed capital representing
a 55 percent ownership interest, and Nola Maddox Falcone has contributed capital
representing a 45 percent ownership interest in Seacoast Asset Management, LCC.
The Bank has been granted, the right to acquire additional ownership
interests at certain times in the future.