I am pleased to share that today Enterprise announced our intent to join forces with Seacoast Commerce Banc Holdings, the holding company of Seacoast Commerce Bank. Seacoast is a commercial bank headquartered in San Diego that focuses on specialized deposit accounts and SBA lending. You can read the press release for more details.
The combined organization will create an attractive blend of specialized and commercial lending with a strong community banking profile. Seacoast’s impressive specialty niches complement our specialty banking areas, business banking focus and branch network. With the combination of our two organizations, Enterprise brings robust earning power, enhanced expansion into the Southwest and a stronger position in all our markets, which will further broaden what we offer to clients of both organizations.
Perhaps most importantly, the planned combination of Enterprise and Seacoast represents an alliance between like-minded companies that share a client-centric culture. Following legal closing of the merger, Seacoast clients will continue to enjoy the same personal attention and exceptional service they have come to expect. And, over time, we expect the increased size and scale will afford all clients in our combined organization access to enhanced products and services. It’s important to note that the proposed transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Seacoast Commerce Banc Holdings’ shareholders. As noted above, additional information about the proposed acquisition can be found in today’s press release, available on the investor page of our website.
With this merger, we will harness the two organizations’ combined resources, reach and scale, and I believe our incredible teams can make an even bigger difference with expanded financial solutions. We are excited about the possibilities, and our future, together!
Jim Lally
