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Basswood reports lower stake in Seacoast Banking Corp. of Florida

Basswood Capital Management LLC disclosed a 6.19% stake in Seacoast Banking Corp. of Florida, or 2,355,043 shares in the Stuart, Fla.-based company, based on 38,025,020 outstanding common shares as of Nov. 9.

The group previously disclosed a 6.29% stake in the company, reflecting aggregate beneficial ownership of 2,385,972 common shares, on July 29. The investor group amended its board observer rights agreement with the company in July, granting nonvoting observer status to the investor group's co-founder Matthew Lindenbaum.

In addition, earlier in 2016 Basswood Capital Management LLC and another major shareholder CapGen LP expressed dissatisfaction with the company's performance, with CapGen pushing in May for Seacoast to explore a sale. However, the company went the opposite direction and recently announced a $54.8 million acquisition of GulfShore Bancshares Inc.