Seacoast Banking Corporation of Florida has announced its acquisition of Drummond Community Bank in a merger that is valued at $173.2 million.
Based in Chiefland, Drummond Community Bank began in 1990 and operates 18 branches across North Florida. The bank has 200 employees and manages around $932 million in deposits.
Luther Drummond, chairman of the board, said the merger will provide more opportunities for employees and customers.
“This is a new footprint for Seacoast, who now primarily serves a South Florida customer base,” Drummond wrote in an email to Mainstreet Daily News. “There is no overlapping of offices in this new North central Florida market, which translates to job security for our staff.”
The merger began earlier this year and still has intermediate steps to go, including approval by regulators and Drummond shareholders. Officials hope to finalize the deal during the last quarter of 2022.
Luther Drummond and CEO Gray Drummond will stay on with Seacoast as market executives, while Drummond president Scott Guthrie will become Seacoast’s market president.
Luther Drummond said his North Florida franchise will benefit from the merger by tapping into Seacoast’s technology and enhancing current mobile and online banking options. The merger gives the company greater resources to become “best-in-class,” he said.
The acquisition will allow customers to access approximately 2,700 fee-free ATMs across the state along with 60 Seacoast offices.
Charles M. Shaffer, Seacoast’s chairman and CEO, said Drummond Community Bank has maintained its reputation and commitment to its community over the years.
“We see great opportunity in complementing its strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in the state,” Shaffer said in a press release. “We look forward to welcoming Drummond’s employees and customers to the Seacoast franchise.”
Seacoast founder Dennis S. Hudson Sr. received a charter in 1926 and opened his first bank in 1930. In a way, the merger brings the company full circle: Hudson was born a few miles from Chiefland and worked as a teenager in Cedar Key before embarking on his career in banking.