Seaside National Bank &Trust received a $15m investment from Lovell Minnick Partners, an independent investment firm that provides buyout and growth capital to developing companies in the global financial services industry.
The investment was made through the bank’s holding company, Three Shores Bancorporation.
Lovell Minnick invested alongside Parthenon Capital, Continental Investors and existing shareholders to contribute a total of $40m to support Seaside’s continued growth. In connection with its deal, Lovell Minnick will receive a board seat at both Seaside and Three Shores.
The $40m investment will be used to enhance the Bank’s capital strength and support its growth strategy of expanding into Florida’s major metropolitan markets and further development as private bank.
Founded in 2006, Seaside is a nationally-chartered commercial bank headquartered in Orlando, Florida. It has 13 offices throughout Central Florida, South Florida, Sarasota, Tampa and North Florida that provide wealth management, commercial and private banking financial solutions.