Professional Holding Corp hits record high on Seacoast Banking deal

Seacoast Banking of Florida

08/08/2022 15:51

** Shares of Professional Holding Corp  PFHD.O  rise 34.8%
to record high of $31.24
    ** Seacoast Banking Corp of Florida shares  SBCF.O  down
5.2% at $34.83
    ** Seacoast announces deal to buy parent company of
Professional Bank in all-stock deal  urn:newsml:reuters.com:*:nGNX9mmScY
    ** Under deal, PFHD shareholders will get 0.8909 shares of
Seacoast common stock for each PFHD share held
    ** Deal valued at about $449.3 mln based on SBCF's last
close of $36.75
    ** Offer represents 41.3% premium to PFHD's last close of
$23.17
    ** More than 172,000 shares change hands, nearly 4x stock's
25-day avg trading volume
    ** As of last close, PFHD shares up 20.9% YTD and SBCF up
3.8%

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))