Item 1. Business - ---------------- General
Seacoast is a bank holding company registered under the Bank Holding Company Act of 1956, as amended ("BHC Act"). Seacoast was incorporated under the laws of the State of Florida on January 24, 1983, by the management of its principal subsidiary, First National Bank and Trust Company of the Treasure Coast (the "Bank") for the purpose of becoming a holding company for the Bank. On December 30, 1983, Seacoast acquired all of the outstanding shares of the common stock of the Bank in exchange for 810,000 shares of its $.10 par value Class A common stock ("Class A Common Stock") and 810,000 shares of its $.10 par value Class B common stock ("Class B Common Stock").
The Bank commenced operations in 1933 under the name "Citizens Bank of Stuart" pursuant to a charter originally granted by the State of Florida in 1926. The Bank converted to a national banking association on August 29, 1958.
Through the Bank and its broker-dealer subsidiary, Seacoast offers a full array of deposit accounts and retail banking services, engages in consumer and commercial lending and provides a wide variety of trust and asset management services, as well as securities and annuity products. Seacoast's primary service area is the "Treasure Coast", which, as defined by Seacoast, consists of the counties of Martin, St. Lucie and Indian River on Florida's southeastern coast. The Bank operates banking offices in the following cities: five in Stuart, two in Palm City, one in Jensen Beach, two on Hutchinson Island, one in Hobe Sound, five in Vero Beach, two in Sebastian, five in Port St. Lucie, and one in Ft. Pierce.
Most of the banking offices have one or more Automatic Teller Machines (ATM) which provide customers with 24-hour access to their deposit accounts. Seacoast is a member of two state-wide funds transfer systems known as the "HONOR System" and the "Presto System", which permit banking customers access to their accounts at over 35,000 locations in twenty-one states in the Southeast. The HONOR System also permits the Bank's customers access to their accounts via other systems outside the State of Florida.
Customers can also use the Bank's "MoneyPhone" system to access information on their loan or deposit account balances, to transfer funds between linked accounts, to make loan payments, and to verify deposits or checks that may have cleared. This service is accessible by phone 24 hours a day, seven days a week.
In addition, customers may access information via the Bank's Telephone Banking Center ("TBC"). From 7 A.M. to 7 P.M., Monday through Friday, servicing personnel in the TBC are available to open accounts, take applications for certain types of loans, resolve account problems and offer information on other bank products and services to existing and potential customers. The Company recently began offering PC banking for personal computers.
Seacoast has three indirect subsidiaries. FNB Brokerage Services, Inc. ("FNB Brokerage") provides brokerage services. South Branch Building, Inc. is a general partner in a partnership which constructed a branch facility. Big O RV Resort, Inc. was formed to own and operate certain properties acquired through foreclosure, but is currently inactive. The operations of these subsidiaries contribute less than 10% of the consolidated assets and revenues of Seacoast.
As a bank holding company, Seacoast is a legal entity separate and distinct from its subsidiaries. Seacoast coordinates the financial resources of the consolidated enterprise and maintains financial, operational and administrative systems that allow centralized evaluation of subsidiary operations and coordination of selected policies and activities. Seacoast's operating revenues and net income are derived primarily from its subsidiaries through dividends, fees for services performed and interest on advances and loans. See "Supervision and Regulation".
As of December 31, 1998, Seacoast and its subsidiaries employed 404 full-time equivalent employees.
Expansion of Business
Seacoast has expanded its products and services to meet the changing needs of the various segments of its market and it expects to continue this strategy. Prior to 1991, Seacoast had expanded geographically primarily through the addition of branches, including the acquisition of a thrift branch in St. Lucie County.
More recently, Seacoast has from time to time considered acquisitions of other depository institutions or corporations engaged in bank-related activities. On September 20, 1991, the Bank acquired from the Resolution Trust Corporation (the "RTC") 10 branches and approximately $110 million of deposits of a failed thrift, American Pioneer Federal Savings Bank ("American Pioneer"), for a deposit premium of $752,000 (of which $146,000 remains outstanding as an intangible asset at December 31, 1998). Following the acquisition, the Bank temporarily rented all of the branch facilities from the RTC at commercially reasonable rates to preserve existing customer relationships and to facilitate their transfer to the Bank. On October 18, 1991, the Bank ceased renting the branch office facilities that it did not intend to acquire in order to avoid duplication of existing facilities. After negotiation, definitive agreements with the RTC were executed for the purchase of five branch facilities. See "Item 2.
Item 2. Properties
Seacoast and the Bank's main office occupy approximately 62,000 square feet of a 68,000 square foot building in Stuart, Florida. The building, together with an adjacent 10-lane drive-in banking facility and an additional 27,000 square foot office building, are situated on approximately eight acres of land in the center of Stuart zoned for commercial use. The building and land are owned by the Bank, which leases out portions of the building not utilized by Seacoast and the Bank to unaffiliated parties.
Adjacent to the main office, the Bank leases approximately 21,400 square feet of office space to house operational departments, primarily information systems and retail support. The Bank owns its equipment which is used for servicing bank deposits and loan accounts as well as on-line banking services, providing tellers and other customer service personnel with access to customers' records.
As of December 31, 1998, the net carrying value of branch offices (excluding the main office) was approximately $9.4 million. Seacoast's branch offices are described as follows:
Jensen Beach, opened in 1977, is a free-standing facility located in the commercial district of a residential community contiguous to Stuart. The 1,920 square foot bank building and land are owned by the Bank. Improvements include three drive-in teller lanes and one drive-up ATM as well as a parking lot and landscaping.
East Ocean Boulevard, opened at its original location in 1978, was a 2,400 square foot building leased by the Bank. The acquisition of American Bank provided an opportunity for the Bank to move to a new location in April 1995. It is still located on the main thoroughfare between downtown Stuart and Hutchinson Island's beach-front residential developments. The first three floors of a four story office condominium were acquired in the acquisition. The 2,300 square foot branch area on the first floor has been remodeled and operates as a full service branch including five drive-in lanes and a drive-up ATM. The remaining 2,300 square feet on the ground floor was sold in June 1996, the third floor was sold in December 1995, and the second floor in December 1998.
Cove Road, opened in late 1983, is conveniently located close to housing developments in the residential areas south of Stuart known as Port Salerno and Hobe Sound. South Branch Building, Inc., a subsidiary of the Bank, is a general partner in a partnership which entered into a long term land lease for approximately four acres of property on which it constructed a 7,500 square foot building. The Bank leases the building and utilizes 3,450 square feet of the available space. The balance is sublet by the Bank to other business tenants. The Bank has improved its premises with three drive-in lanes, bank equipment, and furniture and fixtures, all of which are owned by the Bank. A drive-up ATM was added in early 1997.
Hutchinson Island, opened on December 31, 1984, is in a shopping center located on a coastal barrier island, close to numerous oceanfront condominium developments. In 1993, the branch was expanded from 2,800 square feet to 4,000 square feet and is under a long term lease to the Bank. The Bank has improved the premises with bank equipment, a walk-up ATM and three drive-in lanes, all owned by the Bank.
Rivergate originally opened October 28, 1985 and occupied 1,700 square feet of leased space in the Rivergate Shopping Center, Port St. Lucie, Florida. The Bank moved to larger facilities in the shopping center in April of 1999 under a long term lease agreement. Furniture and bank equipment located in the prior facilities were moved to the new facility which occupies approximately 3,400 square feet, with three drive-in lanes and a drive-up ATM.
Northport was acquired on June 28, 1986 from Citizens Federal Savings & Loan Association of Miami. This property consists of a storefront under long term lease in the St. Lucie Plaza Shopping Center, Port St. Lucie, of approximately 4,000 square feet. This office was closed March 31, 1994 and the property is presently utilized by local community groups for meetings.
Wedgewood Commons, opened in April 1988, is located on an out parcel under long term lease in the Wedgewood Commons Shopping Center, south of Stuart on U.S. Highway 1. The property consists of a 2,800 square foot building which houses four drive-in lanes, a walk-up ATM and various bank equipment, all of which are owned by the Bank and are located on the leased property.
Bayshore, opened on September 27, 1990, occupies 3,520 square feet of a 50,000 square foot shopping center located in Port St. Lucie. The Bank has leased the premises under a long term lease agreement and has made improvements to the premises, including the addition of three drive-in lanes and a walk-up ATM, all of which are owned by the Bank. A second location, acquired in the merger with PSHC, and in close proximity to this location, was closed on June 1, 1997 and subsequently sold in September 1997.
Hobe Sound, acquired from the RTC on December 23, 1991, is a two story facility containing 8,000 square feet and is centrally located in Hobe Sound. Improvements include two drive-in teller lanes, a drive-up ATM, and equipment and furniture, all of which are owned by the Bank.
Fort Pierce, acquired from the RTC on December 23, 1991, is a 2,895 square foot facility located in the heart of Fort Pierce and has three drive-in lanes and a drive-up ATM. Equipment and furniture are all owned by the Bank.
Martin Downs, purchased from the RTC in February 1992, is a 3,960 square foot bank building located at a high traffic intersection in Palm City, an emerging commercial and residential community west of Stuart. Improvements include three drive-in teller lanes, a drive-up ATM, equipment and furniture.
Tiffany, purchased from the RTC in May 1992, is a two story facility which contains 8,250 square feet and is located on a corner of U.S. Highway One in Port St. Lucie offering excellent exposure in one of the fastest growing residential areas in the region. The second story which contains 4,250 square feet is leased to tenants. Three drive-in teller lanes, a walk-up ATM, equipment and furniture are utilized and owned by the Bank.
Vero Beach, purchased from the RTC in February 1993, is a 3,300 square foot bank building located in Vero beach on U.S. Highway One and represents the Bank's initial presence in this Indian River County market. A leasehold interest in a long term land lease was acquired. Improvements include three drive-in teller lanes, a walk-up ATM, equipment and furniture, all of which are owned by the Bank.
Beachland, opened in February 1993, consists of 4,150 square feet of leased space located in a three-story commercial building on Beachland Boulevard, the main beachfront thoroughfare in Vero Beach, Florida. An additional 1,050 square feet were leased during 1996. This facility has 2 drive-in teller lanes, a drive-up ATM, and furniture and equipment, all owned by the Bank.
Sandhill Cove, opened in September 1993, is in an upscale life-care retirement community. The 135 square foot office is located within the community facilities which are located on a 36-acre development in Palm City, Florida. This community contains approximately 168 private residences.
St. Lucie West, opened in November 1994, was in a 3,600 square foot building located at 1320 S.W. St. Lucie Blvd, Port St. Lucie. As a result of the PSHC acquisition, this facility was closed in June 1997 and the property was sold in September 1997. On June 1, 1997, the Bank moved its St. Lucie West operations to the Renar Centre (previously occupied by PSHC). The Bank leases 4,320 square feet on the first floor of this facility and 2,468 square feet on the second floor. The facility includes three drive-in teller lanes, a drive-up ATM, and furniture and equipment.
Mariner Square, acquired from American Bank in April 1995, is a 3,600 square foot leased space located on the ground floor of a three story office building located on U.S.Highway 1 between Hobe Sound and Port Salerno. Approximately 700 square feet of the space is sublet to a tenant. The space occupied by the Bank has been improved to be a full service branch with two drive-in lanes, one serving as a drive-up ATM lane as well as a drive-in teller lane, all owned by the Bank.
Sebastian, opened in May 1996, is located within a 174,000 square foot WalMart Superstore on U.S. 1 in northern Indian River County. The leased space occupied by the Bank totals 865 square feet. The facility has a walk-up ATM, owned by the Bank.
Nettles Island was opened in January 1997 in southern St. Lucie County on Hutchinson Island. It occupies 350 square feet of leased space in a predominantly modular home community. Furniture and equipment are owned. No ATM or drive-in lanes are offered.
U.S. 1 and Port St. Lucie Boulevard office opened as a Bank location on June 1, 1997, upon the merger with PSHC. At the date of the merger, the leased space consisted of 5,188 square feet on the first floor and 1,200 square feet on the second floor. In October 1997, 1,800 square feet of the leased space on the first floor and 1,200 square feet of leased space on the second floor were assigned to another tenant. The present space leased by the Bank totals 3,388 square feet. The facility has two drive-in lanes, a walk-up ATM, and furniture and equipment, all owned by the Bank.
South Vero Square opened in May 1997 in a 3,150 square foot building owned by the Bank on South U.S. 1 in Vero Beach. The facility includes three drive-in teller lanes, a drive-up ATM, and furniture and equipment, all owned by the Bank.
Oak Point opened in June 1997. It occupies 12,000 square feet of leased space on the first and second floor of a 19,700 square foot 3-story building in Indian River County. The office is in close proximity to Indian River Memorial Hospital and the peripheral medical community adjacent to the hospital. The facility includes three drive-in teller lanes, a walk-up ATM, and furniture and equipment, all owned by the Bank. Approximately 2,000 square feet of the second floor is sublet to tenants.
Route 60 Vero opened in July 1997. Similar to the Sebastian office, this facility is housed in a WalMart Superstore in western Vero Beach in Indian River County. The branch occupies 750 square feet of leased space and includes a walk-up ATM.
Sebastian West opened in March 1998 in a 3,150 square foot building owned by the Bank. It is located at the intersection of Fellsmere Road and Roseland Road in Sebastian. The facility includes three drive-in teller lanes, a drive-up ATM, and furniture and equipment, all owned by the Bank.
For additional information, refer to Notes F and I of the Notes to Consolidated Financial Statements in the 1998 Annual Report of Seacoast incorporated herein by reference pursuant to Item 8 of this document.
Item 3.
Item 3. Legal Proceedings
The Company and its subsidiaries, because of the nature of their business, are at times subject to numerous legal actions, threatened or filed, in the normal course of their business. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, after consultation with legal counsel, those claims and lawsuits, when resolved, should not have a material adverse effect on the consolidated results of operation or financial condition of Seacoast and its subsidiaries.
Item 4.
Item 4. Submission of Matters to a Vote of Security-Holders None.
Part II -------
Item 5
Item 5 Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters
The Class A Common Stock is traded in the over the counter market and quoted on the Nasdaq National Market System ("Nasdaq Stock Market"). There is no established public trading market for the Class B Common Stock of Seacoast. As of February 12, 1999, there were approximately 1,025 record holders of the Class A Common Stock and 86 record holders of the Class B Common Stock.
Seacoast Class A Stock is traded in the over-the-counter market and is quoted on the Nasdaq Stock Market under the symbol "SBCFA". The following table sets forth the high, low and last sale prices per share of Seacoast Class A Stock on the Nasdaq Stock Market and the dividends paid per share of Seacoast Class A Stock for the indicated periods.
Sale Price Per Annual Dividends Share of Seacoast Declared Per Share Class A Stock of Seacoast Class A Stock High Low First Quarter . . . . . $38.50 $34.00 $0.22
Second Quarter. . . . . 39.50 35.75 0.22
Third Quarter. . . . . 40.00 29.75 0.22
Fourth Quarter. . . . . 29.00 23.00 0.24
First Quarter................. $29.50 $25.625 $0.20 Second Quarter................ 30.50 24.625 0.20 Third Quarter................. 38.50 29.75 0.20 Fourth Quarter................ 39.50 34.25 0.22
Seacoast's Articles of Incorporation prohibit the declaration or payment of cash dividends on Class B Common Stock unless cash dividends are declared or paid on Class A Common Stock in an amount equal to at least 110% of any cash dividend on Class B Common Stock. Dividends on Class A Common Stock payable in shares of Class A Common Stock shall be paid to holders of Class A Common and Class B Common Stock at the same time and on the same basis.
In 1996, cash dividends of $.65 per share of Class A Common Stock and $.585 per share of Class B Common Stock were paid. In 1997, cash dividends of $.82 per share of Class A Common Stock and $.74 per share of Class B Common Stock were paid. In 1998, cash dividends of $.90 per share of Class A Common Stock and $.818 per share of Class B Common Stock were paid.
Dividends from the Bank are Seacoast's primary source of funds to pay dividends on Seacoast capital stock. Under the National Bank Act, the Bank may in any calendar year, without the approval of the OCC, pay dividends to the extent of net profits for that year, plus retained net profits for the preceding two years (less any required transfers to surplus). The need to maintain adequate capital in the Bank also limits dividends that may be paid to Seacoast. Information regarding a restriction on the ability of the Bank to pay dividends to Seacoast is contained in Note B of the "Notes to Consolidated Financial Statements" contained in Item 8 hereof. See "Supervision and Regulation" contained in Item 1 of this document.
The OCC and Federal Reserve have the general authority to limit the dividends paid by insured banks and bank holding companies, respectively, if such payment may be deemed to constitute an unsafe or unsound practice. If, in the particular circumstances, the OCC determines that the payment of dividends would constitute an unsafe or unsound banking practice, the OCC may, among other things, issue a cease and desist order prohibiting the payment of dividends. This rule is not expected to adversely affect the Bank's ability to pay dividends to Seacoast. See "Supervision and Regulation" contained in Item 1 of this document.
Each share of Class B Common Stock is convertible by its holder into one share of Class A Common Stock at any time prior to a vote of shareholders authorizing a liquidation of Seacoast.
Item 6
Item 6 Selected Financial Data
Selected financial data is incorporated herein by reference under the caption "Financial Highlights" on page 4 of the 1998 Annual Report. See Exhibit 13.
Item 7
Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations, under the caption "Financial Review - 1998 Management's Discussion and Analysis", on pages 14 through 26 of the 1998 Annual Report is incorporated herein by reference. See Exhibit 13.
Item 7A.
Item 7A. Market Risk
Market risk reflects the risk of economic loss resulting from adverse changes in market prices and interest rates. This risk of loss can be reflected in either diminished current market values or reduced potential net income in future periods.
The Company market risk arises from interest rate risk inherent in its lending and deposit taking activities. The structure of the Company's loan and deposit portfolios is such that a significant decline in the primary rate may adversely effect net market values and interest income. Management seeks to manage this risk through the utilization of various tools, including the pricing and maturities of its assets and liabilities, including its investments. The composition and size of the investment portfolio is managed so as to reduce the interest rate risk in the deposit and loan portfolios. Currently, the Company does not use any off-balance sheet derivatives. See the "Interest Rate Sensitivity" section of the Annual Report for further information regarding the risk associated with changes in interest rates.
Item 8
Item 8 Financial Statements and Supplementary Data
The report of Arthur Andersen LLP, independent certified public accountants, and the consolidated financial statements are included on pages 31 through 45 of the 1998 Annual Report and are incorporated herein by reference. "Selected Quarterly Information - Consolidated Quarterly Average Balances, Yields & Rates" and Quarterly Consolidated Income Statements" included on pages 27 through 29 of the 1998 Annual Report are incorporated herein by reference. See Exhibit 13.
Item 9
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable.
Part III --------
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Information concerning the directors and executive officers of Seacoast is set forth under the headings "Proposal One - Election of Directors", "Information About the Board of Directors and its Committees" and "Executive Officers" on pages 2 through 8 in the 1999 Proxy Statement and is incorporated herein by reference.
Item 11.
Item 11. Executive Compensation
Information set forth under the headings "Proposal One - Election of Directors - Compensation of Executive Officers", "Salary and Benefits Committee Report", "Summary Compensation Table", "Grants of Options/SARs in 1998", "Aggregated Options/SAR Exercises in 1998 and 1998 Year-End Option/SAR Values", "Profit Sharing Plan", "Performance Graph", and "Employment and Severance Agreements" on pages 9 through 17 of the 1999 Proxy Statement is incorporated herein by reference.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Information set forth under the headings, "Proposal One Election of Directors - General" on pages 2 through 7, "Proposal One - Election of Directors - Management Stock Ownership" on page 8, and "Principal Shareholders" on page 18 to 19 in the 1999 Proxy Statement, relating to the number of shares of Class A Common Stock and Class B Common Stock beneficially owned by the directors of Seacoast, all such directors and officers as a group and certain beneficial owners is incorporated herein by reference.
Item 13.
Item 13. Certain Relationships and Related Transactions
Information set forth under the heading "Proposal One - Election of Directors - Salary and Benefits Committee Interlocks and Insider Participation" and "Certain Transactions and Business Relationships" on page 17 through 18 of the 1999 Proxy Statement is incorporated herein by reference.
Part IV -------
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a)(1) List of all financial statements
The following consolidated financial statements and report of independent certified public accountants of Seacoast, included in the 1998 Annual Report are incorporated by reference into Item 8 of this Annual Report on Form 10-K.
Report of Independent Certified Public Accountants
Consolidated Balance Sheets as of December 31, 1998 and 1997
Consolidated Statements of Income for the years ended December 31, 1998, 1997 and 1996
Consolidated Statements of Shareholders' Equity for the years ended December 31, 1998, 1997 and 1996
Consolidated Statements of Cash Flows for the years ended December 31, 1998, 1997 and 1996
Notes to Consolidated Financial Statements
a)(2) List of Financial Statement Schedules
Schedules to the consolidated financial statements required by Article 9 of Regulation S-X are not required under the related instructions or are inapplicable, and therefore have been omitted.
a)(3) Listing of Exhibits
The following Exhibits are filed as part of this report in Item 14 (c):
Exhibit 3.1 Amended and Restated Articles of Incorporation ---------------------------------------------------------- Incorporated herein by reference from registrant's Current Report on Form 8-K, File No. 0-13660, dated June 6, 1997
Exhibit 3.2 Amended and Restated By-laws of the Corporation --------------------------------------------------------------- Incorporated herein by reference from Exhibit 3.2 of Registrant's Current Report on Form 8-K, File No. 0-13660, dated June 6, 1997
Exhibit 4.1 Specimen Class A Common Stock Certificate ----------------------------------------------------- Incorporated herein by reference from Exhibit 4.1 of the Registrant's Registration Statement on Form S-1, File No. 2-88829
Exhibit 4.2 Specimen Class B Common Stock Certificate ----------------------------------------------------- Incorporated herein by reference from Exhibit 4.2 of registrant's Registration Statement on Form S-1, File No. 2-88829
Exhibit 10.1 Profit Sharing Plan, as amended -------------------------------------------- Incorporated herein by reference from registrants' Registration Statement on Form S-8, File No. 33-22846, dated July 18, 1988, and as amended, from Exhibit 10.1 of registrant's Annual Reports on Form 10-K, dated March 27, 1998.
Exhibit 10.2 Employee Stock Purchase Plan ----------------------------------------- Incorporated herein by reference from registrant's Registration Statement on Form S-8 File No. 33-25627, dated November 18, 1988
Exhibit 10.3 Amendment #1 to the Employee Stock Purchase Plan ----------------------------------------- ----- ------------- Incorporated herein by reference from registrant's Annual Reports on Form 10-K, dated March 29, 1991
Exhibit 10.4 Executive Employment Agreement ---------------------- ---------- --------- Dated March 22, 1991 between A. Douglas Gilbert and the Bank, incorporated herein by reference from registrant's Annual Reports on Form 10-K, dated March 29, 1991
Exhibit 10.5 Executive Employment Agreement --------------------------------------------- Dated January 18, 1994 between Dennis S. Hudson, III and the Bank, incorporated herein by reference from registrant's Annual Reports on Form 10-K, dated March 28, 1995.
Exhibit 10.6 Executive Employment Agreement -------------------------------------------- Dated July 31, 1995 between C. William Curtis, Jr. and the Bank, incorporated herein by reference from registrant's Annual Reports on Form 10-K, dated March 28, 1996.
Exhibit 10.8 1991 Stock Option & Stock Appreciation Rights Plan ---------------------------------------------------------------- Incorporated herein by reference from registrant's Registration Statement on Form S-8 File No. 33-61925, dated August 18, 1995.
Exhibit 10.9 1996 Long Term Incentive Plan -------------------------------------------- Incorporated herein by reference from registrant's 1996 Proxy Statement, dated March 21, 1996
Exhibit 10.10 Non-Employee Director Stock Compensation Plan ----------------------------------------------------------- Incorporated herein by reference from registrant's 1996 Registration Statement on Form S-8 File No. 333-70399 dated January 11, 1999
Exhibit 13 1998 Annual Report ------------------------------ The following portions of the 1998 Annual Report are incorporated herein by reference:
Financial Highlights Financial Review - Management's Discussion and Analysis Selected Quarterly Information - Quarterly Consolidated Income Statements Selected Quarterly Information - Consolidated Quarterly Average Balances, Yields & Rates Financial Statements Notes to Consolidated Financial Statements Financial Statements - Report of Independent Certified Public Accountants
Exhibit 21 Subsidiaries of Registrant -------------------------------------- Incorporated herein by reference from Exhibit 22 of Registrant's Annual Report on Form 10-K, File No. 0-13660, dated March 17, 1992
Exhibit 23 Consent of Independent Certified Public Accountants ---------------------------------------------------------------
Exhibit 27 Financial Data Schedule (for SEC use only) ------------------------------------------------------
b) Reports on Form 8-K No reports on Form 8-K were filed during the last quarter of 1998.
c) Exhibits The response to this portion of Item 14 is submitted as a separate section of this report.
d) Financial Statement Schedules None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stuart, State of Florida, on the 29th day of March, 1999.
SEACOAST BANKING CORPORATION OF FLORIDA (Registrant)
By: /s/ Dennis S. Hudson, III -------------------------- Dennis S. Hudson, III President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date
/s/ Dale M. Hudson March 29, 1999 - ------------------ Dale M. Hudson, Chairman of the Board and Director
/s/ Dennis S. Hudson, III March 29, 1999 - ------------------------- Dennis S. Hudson, III, President, Chief Executive Officer and Director
/s/ William R. Hahl March 29, 1999 - ------------------- William R. Hahl, Executive Vice President and Chief Financial Officer
_____________________________________________ March 29, 1999 Jeffrey C. Bruner, Director
/s/ John H. Crane March 29, 1999 - ----------------- John H. Crane, Director
/s/ Evans Crary, Jr. March 29, 1999 - -------------------- Evans Crary, Jr., Director
_____________________________________________ March 29, 1999 Christopher E. Fogal, Director
_____________________________________________ March 29, 1999 Jeffrey S. Furst, Director
/s/ Dennis S. Hudson, Jr. March 29, 1999 - ------------------------- Dennis S. Hudson, Jr., Director
_____________________________________________ March 29, 1999 John R. Santarsiero, Jr., Director
/s/ Thomas H. Thurlow, Jr. March 29, 1999 - -------------------------- Thomas H. Thurlow, Jr., Director