Basswood Capital Management LLC disclosed beneficial ownership of 2,112,499 common shares of Seacoast Banking Corp. of Florida in an amended Schedule 13D filed May 31.
These shares represent a 4.87% stake in the Stuart, Fla.-based company, based on 43,411,260 outstanding shares as of April 30.
In December 2016, Basswood reported a 6.19% stake in Seacoast Banking Corp. of Florida.
According to the latest ownership filing, the observer rights agreement between Basswood, its co-founder Matthew Lindenbaum, and Seacoast Banking Corp. of Florida remains in effect, with Lindenbaum continuing as a board observer. Lindenbaum has no current plan to terminate the agreement.
The filing listed a number of recent transactions made in the company's shares by the investor group.