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Basswood's stake in Seacoast Banking Corp. of Florida falls below 5%

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.