News

Parthenon Capital Partners is pleased to announce the completion of its $15 million investment in Seaside National Bank & Trust.

11/30/2009


SAN FRANCISCO, CA—Parthenon Capital Partners is pleased to announce the completion of its $15 million investment in Seaside National Bank & Trust, a rapidly growing, 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, L.P.

The investment made by Parthenon Capital Partners was complemented by investments from Lovell Minnick Partners, Continental Investors and a group of existing shareholders for a total of over $40 million.

Brian Golson, Managing Partner of Parthenon Capital Partners, stated “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,” said 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 thirteen offices throughout Central Florida, South Florida, Sarasota, Tampa and North Florida, the three year old bank currently has total assets of $830 million and $140 million of assets under advisement. The $40 million of new equity will be used to enhance the bank’s already significant capital strength and for general operating purposes while the bank continues to execute its disciplined growth strategy of expanding into additional Florida markets and its development as Florida’s premier bank.

Recent economic challenges have resulted in over 120 failed banks nationally and twelve failed banks in Florida. Andrew Dodson, Principal of Parthenon Capital Partners, stated “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 thirteen branch regional powerhouse that is one of the most exciting stories in banking.”

“We continue to be excited and extremely optimistic about our future,” said Tom Yochum, Chairman of the Board for Seaside National Bank & Trust. “We’ve hired the best bankers in Florida, developed a solid business plan, and have consistently executed on the plan, even in an incredibly difficult economic environment. It’s great to see all of the elements of our plan come together. We look forward to working with Parthenon Capital Partners and all of our investors to continue the process of creating Florida’s preeminent bank.”

About Seaside National Bank & Trust
Seaside is a nationally-chartered commercial bank headquartered in Orlando, Florida. With thirteen offices throughout Central Florida, South Florida, Sarasota, Tampa and North Florida, the bank currently has total assets of $830 million and an additional $140 million of assets under advisement. Seaside offers its clients a complete array of wealth management, commercial and private banking financial solutions. For more information, visit www.seasidebank.com.

About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco.  Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries.  Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives.  Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.  Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapitalpartners.com.