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Parthenon invests in Seaside National Bank & Trust

Parthenon Capital Partners has completed its USD15m investment in Seaside National Bank & Trust, a nationally-chartered commercial bank headquartered in Orlando, Florida.

The investment will be made through the bank’s holding company, Three Shores Bancorporation, with funds from Parthenon Investors III.

The investment was complemented by Lovell Minnick Partners, Continental Investors and a group of existing shareholders for a total of over USD40m.

Brian Golson (pictured), managing partner of Parthenon Capital Partners, says: “After a lengthy search to find an investment opportunity in a strongly performing and rapidly growing community bank, we are extremely pleased to complete this investment. Seaside has demonstrated exceptional, yet disciplined, growth and outstanding performance during an unprecedented period. We are excited to partner with such an experienced management team and board of directors.”

“At a time when access to capital is extremely tight and most banks are struggling to complete adequate capital raises, we are pleased to receive support from such distinguished private equity firms and local individual investors. We appreciate Parthenon’s leadership role in this fundraise, their success in introducing the bank to the other investors, and the patience they demonstrated throughout the process,” says Gideon Haymaker, president and chief executive officer of Seaside National Bank & Trust. “This is a tremendous vote of confidence in our business plan, our bank, our management team and all of our Seaside employees.”

With 13 offices throughout Central Florida, South Florida, Sarasota, Tampa and North Florida, the three year old bank currently has total assets of USD830m and USD140m of assets under advisement.

The USD40m of new equity will be used to enhance the bank’s capital strength and for general operating purposes while the bank continues to execute its growth strategy of expanding into additional Florida markets.

Recent economic challenges have resulted in over 120 failed banks nationally and 12 failed banks in Florida.

Andrew Dodson, principal of Parthenon Capital Partners, says: “We strongly believe that the unprecedented level of dislocation within the financial services industry has presented an exceptional opportunity to build an outstanding mid-sized bank. From a start up three years ago, Gideon, Tom and the Seaside team have built a 13 branch regional powerhouse that is one of the most exciting stories in banking.”

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