Seacoast Bank Agrees to Purchase Drummond Bank

By Terry Witt – Spotlight Senior Reporter

An online announcement published Wednesday said Seacoast National Bank is acquiring Drummond Community Bank for $173.2 million.

The proposed purchase is expected to be finalized by the fourth quarter of 2022, according to the announcement.

After the merger, according to a Seacoast, Luther and Gray Drummond will remain as market executives and Scott Guthrie will remain as market president.

Drummond Community Bank operates 19 branch offices across 10 counties in North Florida with deposits of approximately $932 million and loans of $543 million. The bank remained stable through the recession that started in 2008 and continues to be a highly regarded financial institution.

Bauer Financial gave Drummond Community Bank a 5-star rating. The bank continues to maintain that rating. Bauer is a private organization that ranks the safety and soundness of financial institutions on a national basis.

Luther Drummond is a longtime banker in Chiefland. He sold the former Levy County State Bank and later opened Drummond Community Bank in a modest office space in Chiefland Regional Shopping Center.

Seacoast began in Stuart, Fl. as Citizens, a small community bank. In 2017, as Seacoast, it operated over 45 branches in 15 counties on the southeast coast, central region, and Tampa with more than $5 billion in assets, according to the company.

Efforts to reach Luther Drummond and his son Gray Drummond, and Guthrie for comment were unsuccessful Friday afternoon.