Basswood Capital Goes Activist On Seacoast Banking Corp Of Florida (SBCF)

Matthew Lindenbaum‘s Basswood Capital has inched down its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) and reported holding 2.385  million shares of the company. The position amasses 6.89% of the company’s outstanding stock and is slightly lower than the 2.39 million shares Basswood had reported in an earlier filing.

In addition, Basswood change the type of the filing to 13D from 13G and added that Mr. Lindenbaum had spoken with the Chairman and CEO of Seacost Banking Corporation of Florida Dennis S. Hudson III and requested that a representative of Baswood to be appointed to the company’s board of directors.

Among the funds we track, a total of 12 investors reported long positions in Seacoast Banking Corporation of Florida (NASDAQ:SBCF). Basswood owns the largest position, followed by Gregg J. Powers‘ Private Capital Management with a $9.1 million position. Other investors bullish on the company include aul Magidson, Jonathan Cohen. And Ostrom Enders’ Castine Capital Management, Jim Simons’ Renaissance Technologies and Anton Schutz’s Mendon Capital Advisors.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Basswood Capital Management 0 2,385,972 0 2,385,972 2,385,972 6.89%
Basswood Partners 0 345,038 0 345,038 345,038 1.00%
Basswood Enhanced Long Short GP 0 1,132,342 0 1,132,342 1,132,342 3.27%
Basswood Financial Fund 0 94,299 0 94,299 94,299 0.27%
Basswood Financial Fund, Inc 0 33,044 0 33,044 33,044 0.10%
Basswood Financial Long Only Fund 0 26,271 0 26,271 26,271 0.08%
Basswood Enhanced Long Short Fund 0 1,132,342 0 1,132,342 1,132,342 3.27%
Basswood Opportunity Partners 0 224,468 0 224,468 224,468 0.65%
Basswood Opportunity Fund, Inc 0 162,564 0 162,564 162,564 0.47%
Boulevard Direct Master, Ltd 0 344,240 0 344,240 344,240 0.99%
BCM Select Equity I Master, Ltd 0 71,525 0 71,525 71,525 0.21%
Matthew Lindenbaum 0 2,385,972 0 2,385,972 2,385,972 6.89%
Bennett Lindenbaum 0 2,385,972 0 2,385,972 2,385,972 6.89%
Matthew Lindenbaum
Matthew Lindenbaum
Basswood Capital

Page 1 of 20 – SEC Filing

Washington, D.C.  20549
Under the Securities Exchange Act of 1934
Seacoast Banking Corporation of Florida

(Name of Issuer)
Common Stock, Par Value $0.10

(Title of Class of Securities)
(CUSIP Number)
Matthew Lindenbaum
Basswood Capital Management, L.L.C.
645 Madison Avenue, 10th Floor
New York, NY 10022
(212) 521-9500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
(with copies to)
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
(212) 728-8000
March 10, 2016

(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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