Seacoast Banking Corporation of Florida, a bank holding company whose principal subsidiary is Seacoast Bank, has purchased certain assets, factored receivables, and employee expertise of First Growth Capital (FGC), the commercial zccounts receivable funding and small asset-based facility group, a division of FCC, LLC. As part of the acquisition, Jay Atkins, former Executive Vice President and President of First Growth Capital, joins Seacoast Bank as Executive Vice President and President of the new division, which is named Seacoast Business Funding.

The transaction expands Seacoast's current receivables funding capabilities, providing its business customers additional options to improve their working capital and cash flow positions. FGC currently provides invoice financing and small asset based facilities to companies with annual business-to-business domestic sales between $2 million and $250 million. 

"When a company needs cash to operate and grow, a slow invoice turnaround can tie up valuable working cash needed to invest back in to one's business. We're constantly exploring new ways to help our customers simplify the financial aspects of their businesses so they can focus on growth," said Seacoast  EVP & Commercial Market Executive, Charles K. Cross Jr. "Whether a loan or an accounts receivable funding arrangement helps them meet their goals, we want our customers to feel in control and confident about their company's future. The lift-out of First Growth Capital and its entire team enables us to build upon our full suite of financing options for our business customers."

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $3.2 billion in assets and $2.6 billion in deposits as of March 31, 2015.