Seacoast Bank Receives $50M Bailout

U.S. Treasury Buys Preferred Stock In Seacoast Bank Corp.

LABELLE, FL. -- Stuart, Florida based Seacoast Banking Corporation of Florida has received $50,000,000 from the U.S. Treasury Department Office of Financial Stability through the Troubled Asset Relief Program. The bank has a local branch in downtown LaBelle.

According to the Treasury's latest Transactions Report for the period ending December 31, 2008, the Treasury's Capital Purchase Program bought $50 million of the banks Preferred Stock with Warrants. The intention of the program is to help banks with more than normal bad assets and loans to continue lending for business and home loans.

The $50 million transaction took place December 19, 2008 according to Treasury records. The Treasury program falls under the Emergency Economic Stabilization  Act.

The largest Federal "buy-in" amounts went to JP Morgan Chase & Co. for $25 billion and the same amount to Citigroup, Inc. and Wells Fargo & Co., all back in October 2008.