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SBCF > SEC Filings for SBCF > Form 8-K on 25-Sep-2013All Recent SEC Filings

Show all filings for SEACOAST BANKING CORP OF FLORIDA | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SEACOAST BANKING CORP OF FLORIDA


25-Sep-2013

Termination of a Material Definitive Agreement, Financial Statem


Item 1.02 Termination of a Material Definitive Agreement

The Office of the Comptroller of the Currency ("OCC") has notified Seacoast National Bank (the "Bank'), the sole bank subsidiary of Seacoast Banking Corporation of Florida, that, effective September 19, 2013, the Bank is no longer subject to the Formal Written Agreement (the "Formal Agreement") entered into on December 16, 2008. As reflected in the Formal Agreement, the OCC's primary concern with the Bank was to address the safety and soundness concerns identified in the June 30, 2009 Report of Examination, as well as the applicable standards set forth in 12 C.F.R. 3.10 and 3.11.

In addition, the OCC has notified the Bank that, effective September 19, 2013, it is no longer subject to the individual minimum capital ratios established for the Bank on December 9, 2009, which required the Bank to maintain a Tier 1 capital (to adjusted average assets) ratio of at least 8.50% and a total risk-based capital ratio of at least 12.00%. The general regulatory minimums to be "well-capitalized" are a Tier 1 leverage capital ratio of at least 5.00%, a Tier 1 risk-based capital ratio of at least 6.00% and a total risk-based capital ratio of at least 10.00%. These regulatory capital ratios for the Bank were 9.48%, 15.80% and 17.05%, respectively, as of June 30, 2013. Therefore, the Bank is well-capitalized for regulatory purposes.

-2-



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press release dated September 25, 2013.

-3-

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