Seaside National Bank & Trust, an Orlando, Fla.-based commercial bank, has raised over $40 million in private equity funding. Lovell Minnick Partners, Parthenon Capital and Continental Investors each invested $15 million, and were joined by existing shareholders.
Lovell Minnick Partners is pleased to announce a $15 million investment in Seaside National Bank & Trust through the bank’s holding company, Three Shores Bancorporation. The investment will be made with funds from Lovell Minnick Equity Partners II.
Lovell Minnick Managing Director Bob Belke commented, “We believe that Seaside, with its client-service emphasis and strong leadership team, is well positioned to serve the high-net-worth market in Florida. We look forward to partnering with the Seaside team to further develop its wealth management business.”
Lovell Minnick invested alongside Parthenon Capital, Continental Investors and existing shareholders to contribute a total of $40 million to support Seaside’s continued growth. In connection with its investment, Lovell Minnick will receive a board seat at both Seaside and Three Shores. The agreement allows Lovell Minnick to make future investments in Seaside to continue to grow the bank’s footprint.
“At a time when access to capital is extremely tight and most banks are struggling to complete adequate capital raises, we are pleased to receive funds from such distinguished private equity firms and local individual investors,” said Gideon Haymaker, President and Chief Executive Officer of Seaside. “This is a tremendous vote of confidence in our bank, business plan, management team and all of our Seaside employees.”
With thirteen offices throughout Florida, Seaside has total assets of $830 million and $140 million of assets under advisement. The $40 million investment will be used to enhance the Bank’s already significant capital strength while continuing to support its growth strategy of expanding into Florida’s major metropolitan markets and further development as Florida’s premier private bank.
Since its inception in 2006, Seaside has demonstrated outstanding underwriting discipline. “Having completed extensive due diligence, we were attracted to the soundness of Seaside’s credit philosophy and its history of performance,” said Lovell Minnick Principal John Cochran, who added, “While Seaside is unique in its innovative approach to integrated banking and wealth management services, it remains rooted in tried-and-true underwriting principles.”
“We continue to be excited and extremely optimistic about our future,” said Tom Yochum, Chairman of the Board for Seaside. “We’ve developed a solid business plan, have consistently executed on the plan, even in a historically difficult economic environment, and have hired the best bankers in Florida. It’s great to see all of the elements of our plan come together.”
About Seaside National Bank & Trust
Seaside is a nationally-chartered commercial bank headquartered in Orlando, Florida with trust powers. Seaside’s thirteen offices throughout Central Florida, South Florida, Sarasota, Tampa and North Florida have a total of $830 million in assets and an additional $140 million of assets under advisement. Seaside offers its clients a complete array of wealth management, commercial and private banking financial solutions.
About Lovell Minnick Partners
Lovell Minnick Partners is an independent investment firm which provides buyout and growth capital to developing companies in the global financial services industry. From offices in Los Angeles and Philadelphia, Lovell Minnick manages partnerships totaling over $750 million for qualified private and institutional investors. Portfolio companies of Lovell Minnick operate in various areas of financial services including asset management, financial product distribution, securities brokerage, financial outsourcing services, and commercial and trust banks.