SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
----- SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
X For the fiscal year ended December 31, 1999
------
OR
TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE
----- SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ________ to ______
Commission File Number 33-22846
A. Full title of plan and the address of the plan, if
different from that of the issuer named below:
PROFIT-SHARING PLAN AND TRUST FOR
EMPLOYEES OF FIRST NATIONAL BANK
AND TRUST COMPANY OF THE TREASURE
COAST
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
SEACOAST BANKING CORPORATION OF FLORIDA
815 COLORADO AVENUE
STUART, FL 34994
<PAGE>
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF FIRST NATIONAL BANK AND TRUST
COMPANY OF THE TREASURE COAST
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998 TOGETHER WITH
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
TABLE OF CONTENTS
FINANCIAL STATEMENTS
Page
Reference
---------
Independant Auditors' Report 4
Statement of Net Assets Available for Benefits
as of December 31, 1999 and 1998 5
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1999 and 1998 6
Notes to Financial Statements 7-9
Supplemental Schedule as of December 31, 1999, as follows:
Schedule H, Part IV, Line 4i - Schedule of Assets Held for
Investment Purposes as of December 31, 1999 10-13
Schedule H, Part IV, Line 4j - Schedule of Reportable
Transactions for the Year Ended December 31, 1999 14
Independent Auditors' Consent 15
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
--------------------------------------------------
To the Pension and Profit Sharing Committee of
The Retirement Savings Plan for Employees of
First National Bank and Trust Company of the
Treasure Coast:
We have audited the accompanying statements of net assets available for benefits
of The Retirement Savings Plan for Employees of First National Bank and Trust
Company of the Treasure Coast ("the Plan") as of December 31, 1999 and 1998, and
the related statements of changes in net assets available for benefits for the
years ended December 31, 1999 and 1998. These financial statements and the
schedules referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of The Retirement
Savings Plan for Employees of First National Bank and Trust Company of the
Treasure Coast as of December 31, 1999 and 1998, and the changes in its net
assets available for benefits for the years then ended, in conformity with
accounting principles generally accepted in the United States.
Our audits of the Plan's financial statements as of and for the years ended
December 31, 1999 and 1998, were made for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes, assets held for investment purposes that were both
acquired and disposed of within the Plan year, and reportable transactions are
presented for purposes of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedules have
been subjected to the auditing procedures applied in our audits of the basic
financial statements for the years ended December 31, 1999 and 1998, and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Arthur Anderson, LLP
------------------------
Arthur Andersen, LLP
West Palm Beach, Florida,
June 25, 2000.
<PAGE>
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
1999 1998
---- ----
ASSETS:
Investments, at market value-
U.S.Government Agency and Treasury Securities $2,665,646 $2,478,339
Mutual Funds 2,427,454 1,584,318
Corporate Bonds 401,439 455,452
Common Stocks:
Seacoast Banking Corporation of Florida, Class A 1,551,332 1,471,272
Other 7,967,715 6,913,900
Employee Loans 5,624 26,114
-------- --------
Total investments 15,019,210 12,929,395
---------- ----------
Receivables-
Employer Contributions 770,642 462,636
Employee Contributions 234,704 64,342
Dividends and Interest 76,001 73,624
--------- --------
Total receivables 1,081,347 600,602
--------- --------
Total assets 16,100,557 13,529,997
---------- ----------
LIABILITIES:
Excess contributions payable to plan participants 61,665 -
Due to broker 142,019 -
-------- --------
Total liabilities 203,684 -
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $15,896,873 $13,529,997
=========== ===========
----------
The accompanying notes to financial statements are an integral part of these
statements.
<PAGE>
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
1999 1998
---------- ---------
ADDITIONS:
Employer Contributions $1,108,855 $ 787,210
Employee Contributions 769,605 698,128
Dividends and Interest 401,759 363,065
Net Realized and Unrealized Appreciation of
Investments 1,646,390 869,006
--------- --------
Total additions 3,926,609 2,717,409
BENEFITS PAID TO PARTICIPANTS (1,559,733) (1,087,594)
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 2,366,876 1,629,815
NET ASSETS AVAILABLE FOR BENEFITS-
BEGINNING OF YEAR 13,529,997 11,900,182
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS-
END OF YEAR $15,896,873 $13,529,997
=========== ===========
----------
The accompanying notes to financial statements are an integral part of these
statements.
<PAGE>
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
1. DESCRIPTION OF THE PLAN
-----------------------
The Retirement Savings Plan for Employees of First National Bank and Trust
Company of the Treasure Coast (the "Plan") was formed effective January 1, 1983,
as later amended, covering all eligible employees, as defined, of First National
Bank and Trust Company of the Treasure Coast and subsidiaries (the "Bank" or the
"Employer") who have at least one year of service and have made application to
the Employer for participation. The Bank's trust department is the trustee (the
"Trustee") of the Plan.
The Plan has been amended and restated in order to continue the qualification of
the Plan under Internal Revenue Service regulations, permit employees to make
salary deferrals, provide employer matching contributions and afford each
participant five separate investment options. The Plan was further amended in
1995 (the "Amendment") to delete the loan provision in the Plan effective August
15, 1995.
The Plan provides for an annual discretionary retirement contribution by the
Bank, on behalf of each participant who is employed on the last day of the Plan
year. For 1999 and 1998, the Bank's discretionary retirement contribution was 2%
of eligible participant salaries.
The Bank's profit sharing contribution to the Plan each year is discretionary
and is determined by the Bank's Board of Directors. For 1999 and 1998, the
Bank's discretionary profit sharing contributions were 5.0% and 1.5%,
respectively, of eligible participant salaries.
Each participant's account is credited with an allocation of any discretionary
retirement contribution, discretionary profit sharing contribution, plan
earnings and forfeitures of nonvested amounts from participants who have
withdrawn from the Plan. Allocations are based on participant compensation or
account balances, as defined. Participants may elect to receive in cash, or
defer and invest in the Plan, one half of any discretionary profit sharing
contribution to the Plan (the elective portion). The discretionary retirement
contribution and remaining nonelective portion of any discretionary profit
sharing contribution to the Plan shall be invested in the Balanced Fund. These
contributions and employer matching contributions vest at 25% per year of
service. Any elective discretionary profit sharing contribution or other
employee contributions are subject to Internal Revenue Code ("IRC") limitations
and shall be treated as elective contributions which are fully vested at all
times and are not subject to forfeiture.
The Bank will match on a dollar-for-dollar basis participant salary deferrals
representing up to 4% of eligible participant salaries. Also, the Bank will
match on a dollar-for-dollar basis the elective portion of any discretionary
profit sharing contribution that the participant invests in the Plan.
Although it has not expressed any intent to do so, the Bank has the right under
the Plan to discontinue its contributions and to terminate the Plan. In the
event of Plan termination, participants will become fully vested in all of their
account balances.
Additional information about the Plan agreement and the vesting and benefit
provisions is contained in the Summary Plan Description. Copies of this summary
are available from the Bank's human resources department.
<PAGE>
2. INVESTMENTS
--------------
Investments in U.S. Government Agency Securities, mutual funds, corporate bonds,
common stocks and fixed income securities are stated at market value using the
closing year-end quoted market prices. Interest income earned is recorded on the
accrual basis. Dividend income is recorded on the ex-dividend date.
The Plan maintains the following five investment funds to which participants may
direct the investment of the elective portions of their account balances.
Participants may allocate and reallocate their Plan accounts, on a quarterly
basis, in 10% increments among the available funds, as described below. Each of
the investment funds is managed by the Trustee.
Common Stock Fund
-----------------
This fund consists of money market instruments, common stock mutual funds and
high quality common stocks which are evenly divided between income-oriented and
growth-oriented securities. The value of an investment in this fund will
fluctuate in accordance with market conditions and may be volatile.
Seacoast Stock Fund
-------------------
This fund consists solely of money market instruments and Class A common shares
in Seacoast Banking Corporation of Florida (the "Company"), the parent company
of the Bank. Company stock is purchased on a monthly basis and will remain fully
invested in shares of the Company's stock. The return registered by this
investment fund will depend directly on the performance of the Company's stock.
The value of an investment in this fund will fluctuate in accordance with the
performance of the Company's stock and general market conditions. As the
portfolio is invested in only one corporation (and, thus, not diversified), the
value of an investment in this fund may be volatile.
Fixed Income Fund
-----------------
This fund consists of money market instruments, mutual funds and high quality
bonds with an average maturity of no greater than ten years. The value of an
investment in this fund will fluctuate in accordance with interest rates and,
therefore, may be volatile.
Money Market Fund
-----------------
This fund is invested in money market instruments which are invested in
short-term bonds. The value of an investment in this fund should not fluctuate
greatly in value and may be relatively nonvolatile.
Balanced Fund
-------------
This fund consists of a mixture of mutual funds, common stocks, bonds and money
market instruments. The maximum exposure to common stocks is 60%, and the
average maturity of bonds is no greater than ten years. The value of an
investment in this fund will fluctuate in accordance with the stock and bond
markets and may be moderately volatile.
<PAGE>
The Plan's net realized and unrealized appreciation/(depreciation) of investment
by type are as follows:
Net Appreciation/ Market Value at
(Depreciation) End of Year
------------------- ------------------
1999 1998 1999 1998
------------------- ------------------
U.S. Government
Agency Securities $(152,326) $ 11,640 $ 2,665,646 $ 2,478,339
Mutual Funds 321,977 194,695 2,427,454 1,584,318
Corporate Bonds (18,802) 13,390 401,439 455,452
Common Stocks 1,495,541 649,281 9,519,047 8,385,172
Employee Loans - - 5,624 26,114
------- ------- ------- -------
$1,646,390 $869,006 $15,019,210 $12,929,395
========== ======== =========== ===========
At December 31, 1999 and 1998, net assets available for benefits include
$2,788,773 and $2,587,425, respectively, representing the vested benefits of
former employees.
The fair value of individual investments that represent 5% or more of the Plan's
net assets are as follows as of December 31:
1999 1998
---- ----
Common Stock, Seacoast Banking Corporation
of Florida, Class A* $1,551,332 $1,471,272
Goldman Sachs Treasury Institutional Portfolio 1,440,440 1,014,525
*Related party-in-interest of the Plan.
3. INCOME TAX STATUS
-----------------
In its determination letter dated June 29, 1995, the Internal Revenue Service
has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue
Code ("IRC") and is, therefore, not subject to tax under present income tax law.
Accordingly, the Plan is entitled to an exemption under the provisions of IRC
Section 501(a); thus, no provision for income taxes has been made in the
accompanying financial statements. The Plan is required to operate in conformity
with the IRC to maintain its qualification. The Bank filed a request with the
Internal Revenue Service for a determination letter for the amended Plan
relating to the Port St. Lucie plan merger discussed in Note 1 during the 1998
Plan year. To date, the IRS has not issued a determination letter for the
amended Plan. The Plan's management is not aware of any course of action or
series of events that have occurred, and does not believe that any amendments of
the Plan will adversely affect the Plan's qualified status.
4. TRANSACTIONS WITH RELATED PARTIES-IN-INTEREST
---------------------------------------------
At December 31, 1999 and 1998, the Plan held 54,195 and 51,851 shares,
respectively, of Seacoast Banking Corporation of Florida, Class A common stock
with a market value of $1,551,332 and $1,471,272, respectively. The Plan
received $51,632 and $45,262 during 1999 and 1998, respectively, in dividends
from the Company.
All costs and expenses incurred in connection with the operations of the Plan
are paid by the Bank.
5. RECONCILIATION TO FORM 5500
---------------------------
At December 31, 1999, $24,801, representing the elective portion of the
discretionary profit sharing contribution elected to be received in cash, and is
a component of net assets available for benefits for financial reporting
purposes. However, this balance is reflected as benefits paid and benefits
payable and, consequently, as a reduction of Plan net assets on the Form 5500.
Amounts allocated to withdrawing participants are recorded on Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date. At December 31, 1999, such claims
totaled $178,832.
<PAGE>
SCHEDULE I
Page 1 of 3
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FOR THE YEAR ENDED DECEMBER 31, 1999
Number of
Identity of Issue/ Shares or Current
Description of Asset Units Cost Value
----------------------------------------- ----------------------------------
U.S. Government Agency Securities:
Federal Home Loan Mortgage,6.82%,
due 06/29/2005 50,000 $ 50,000 $ 48,125
Federal Home Loan Mortgage,6.97%,
due 06/16/2005 100,000 99,156 96,875
Federal Home Loan Mortgage,6.25%,
due 02/01/2006 150,000 142,019 142,969
Federal Home Loan Bank, 8.06%,
due 03/10/2005 50,000 50,204 50,125
Federal Home Loan Bank, 5.76%,
due 12/01/2005 50,000 50,000 46,735
Federal Home Loan Banks, 6.50%,
due 06/29/2004 150,000 150,000 144,844
Federal Home Loan Bank, 6.50%,
due 07/30/2004 150,000 150,000 145,172
Federal Home Loan Bank, 6.407%,
due 02/22/2006 50,000 50,000 47,906
Federal Home Loan Bank, 6.305%,
due 12/03/2001 50,000 50,000 49,547
Federal National Mortgage Assn.,7.55%,
due 03/27/2007 125,000 126,525 124,180
Federal National Mortgage Assn.,7.17%,
due 06/26/2007 125,000 126,094 119,883
Federal National Mortgage Assn.,7.32%,
due 05/03/2006 100,000 100,500 98,640
Federal National Mortgage Assn.,7.0%,
due 01/28/2004 125,000 125,000 123,475
Federal National Mortgage Assn.,7.2%,
due 02/06/2007 50,000 50,000 48,780
Federal National Mortgage Assn.,5.99%,
due 08/21/2003 50,000 50,528 48,380
Federal National Mortgage Assn.,5.41%,
due 12/15/2003 150,000 150,000 141,045
Federal National Mortgage Assn.,6.00%,
due 05/15/2008 100,000 106,539 93,657
Federal National Mortgage Assn.,6.19%,
due 07/07/2008 50,000 51,375 45,900
Federal National Mortgage Assn.,6.60%,
due 03/11/2009 200,000 200,000 188,800
Federal National Mortgage Assn.,7.17%,
due 06/26/2007 30,000 29,989 28,772
Federal National Mortgage Assn.,7.02%,
due 04/10/2006 25,000 25,300 24,308
Federal National Mortgage Assn.,7.585%,
due 09/19/2006 25,000 24,983 24,602
Federal National Mortgage Assn.,6.54%,
due 09/18/2002 150,000 152,310 148,305
Federal National Mortgage Assn.,6.0%,
due 06/04/2003 100,000 100,200 97,760
Federal National Mortgage Assn.,6.57%,
due 02/11/2008 50,000 49,938 46,423
Federal National Mortgage Assn.,6.49%,
due 02/20/2008 45,000 45,000 42,183
Federal National Mortgage Assn.,6.36%,
due 07/16/2008 100,000 100,000 92,070
Federal National Mortgage Assn.,6.14%,
due 08/18/2008 50,000 50,000 45,670
Federal National Mortgage Assn.,6.14%,
due 09/10/2008 25,000 25,000 23,110
FNMA, 7.03%, due 10/25/2006 50,000 50,000 48,445
F F C B, dated 11/04/1997 100,000 101,700 96,900
F H L M C, dated 09/08/2008 50,000 50,000 46,281
U.S. Treasury Note, 5.25%, dated 5/15/1999
due 5/15/2004 100,000 97,623 95,779
------ ------
Total U.S. Government Agency and
Treasury Securities $2,779,983 $2,665,646
========== ==========
(Continued)
<PAGE>
SCHEDULE I
Page 2 of 3
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FOR THE YEAR ENDED DECEMBER 31, 1999
(Continued)
Number of
Shares or Current
Identify of Issue/Description of Asset Units Cost Value
--------------------------------------------------------------------------------
Mutual Funds:
Fidelity Overseas Trust 2,506 $ 60,401 $ 120,297
Franklin Strategic 9,050 200,000 401,259
Janus Worldwide Fund 3,108 150,000 237,557
Goldman Sachs Fixed Income 21,727 210,000 203,583
Standish Ayer & Wood 1,312 25,000 24,318
Goldman Sachs Financial 1,440,440 1,440,440 1,440,440
--------- ---------
Total Mutual Funds $2,085,841 $2,427,454
========== ==========
Corporate Bonds:
A T & T Corp, 7%, due 05/15/2005 100,000 100,400 98,411
Conn L & P, 6.125%, due 02/01/2004 50,000 49,061 50,000
Ford Motor Credit, 6.25%, due 11/08/2000 75,000 75,765 74,805
Texas Instruments, 6.125%, due 02/01/2006 105,000 102,295 97,178
J.P. Morgan & Co, 7.25%, due 10/01/2010 10,000 9,950 10,013
Citicorp Sub Notes, 6.375%,due 01/15/2006 75,000 76,027 71,032
------- -------
Total Corporate Bonds $413,498 $401,439
======== ========
Seacoast Banking Corporation of Florida* 54,195 $1,168,862 $1,551,332
========== ==========
Common Stocks, Other:
A T & T Corp 4,125 $ 92,227 $ 209,604
Aetna Inc. 2,400 172,955 133,951
ALCOA Inc. 3,000 93,778 249,000
American Express Co 500 48,004 83,125
American Home Products 3,800 95,651 149,150
Amgen Inc. 8,800 94,059 528,554
AMR Corp. 3,000 178,361 201,000
Baker International Inc. 600 13,497 37,688
Bowater Inc. 3,700 172,947 200,958
Chase Manhattan Corp. 3,700 253,008 287,446
Cisco Systems Inc. 2,300 85,250 246,388
Citigroup 5,625 214,855 313,245
Coca Cola Co 3,200 227,274 186,400
Du Pont El De Nemours & Co 2,200 135,454 144,925
Federal National Mortgage Assn. 800 15,714 49,950
First Union Corp. 3,400 167,637 111,989
Ford Motor Co Del 2,000 53,580 106,626
General Electric 2,400 159,636 371,400
Hewlett Packard Co. 1,500 160,304 170,625
Home Depot 3,450 126,661 237,188
----------
*Related party-in-interest of the Plan.
(Continued)
<PAGE>
SCHEDULE I
Page 3 of 3
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FOR THE YEAR ENDED DECEMBER 31, 1999
(Continued)
Number of
Shares or Current
Identity of Issue/Description of Asset Units Cost Value
--------------------------------------------------------------------------------
Common Stocks, Other: (Cont'd)
I B M Co. 1,700 $ 106,824 $ 183,388
Intel 5,000 187,125 411,565
Lilly Eli Co. 2,700 189,920 179,550
Lucent Technologies 2,900 122,340 217,500
McDonalds Corp. 1,600 23,040 64,501
MCI Worldcom. Inc. 3,000 156,375 159,189
Merck & co. Inc. 1,800 21,005 120,938
Microsoft Corp. 3,400 105,729 396,950
Morgan J P & Co. Inc. 1,500 132,323 189,938
Morgan Stanley Dean Witter Discover & Co. 2,000 65,775 285,500
Motorola Inc. 1,000 114,976 147,250
Pfizer Inc. 3,100 144,496 165,434
Philip Morris Companies 5,400 202,864 124,200
Proctor & Gamble Co. 2,300 159,677 251,995
Schlumberger Ltd. 4,100 231,360 230,113
Southern Co. 1,500 39,278 35,250
Sun Microsystems Inc. 6,000 147,188 464,628
Transocean Sedco Forex Inc. 795 - 26,740
United Technologies Corp. 2,000 46,280 130,000
Warner Lambert Co. 2,000 69,875 163,874
------ -------
Total Common Stock, Other $4,827,302 $7,967,715
========== ==========
Employee Loans ranging from 6.5% to 9.5%,
maturing through 2025 $ 5,624 $ 5,624
========= ==========
<PAGE>
SCHEDULE II
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS HELD FOR
INVESTMENT PURPOSES THAT WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
ENDED DECEMBER 31, 1999
Proceeds
Identify of Issue, Cost of From
Borrower, Description of Acqui- Dispos-
Lessor, or Similar Party Investment itions itions
--------------------------------------------------------------------------------
Caterpillar Inc. 1,000 shares, common stock $ 46,195 $46,366
Alcan Aluminum Ltd. Company 2,000 shares, common stock 49,340 75,982
FPL Group Inc. 600 shares, common stock 32,702 25,982
Alcan Aluminum Ltd. Company 2,000 shares, common stock 49,390 73,108
FPL Group Inc. 1,000 shares, common stock 54,504 42,991
Marketspan Corp. 528 shares, common stock 17,514 15,836
Southern Company 3,500 shares, common stock 91,648 82,002
Morgan Stanley Equity Growth A 301 units 5,659 5,942
Franklin Small Cap Growth 9,087 units 222,091 245,607
----------
This schedule incorporates all disclosures required by the Department of Labor
for assets held for investment purposes that were both acquired and disposed of
within the plan year ended December 31, 1999.
<PAGE>
SCHEDULE III
RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST
SCHEDULE H, PART IV, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
Purchases Sales
--------------- -------------------------------------
Current
Value of
Asset on Net
Purchase Selling Cost of Transaction Gain or
Description of Asset Price Price Asset Date (Loss)
--------------------------------------------------------------------------------
Franklin Strategic
Small Cap Growth $443,253 $245,607 $200,000 $245,607 $45,607
----------
NOTES:
(1)Transaction included herein represent transactions or a series of
transactions in securities of the same issue in excess of 5% of the fair value
of Plan assets at the beginning of the year.
(2)This schedule incorporates all disclosures required by the Department of
Labor for assets purchased or sold within the year.
<PAGE>
SIGNATURES
The Plan, pursuant to the requirements of the Securities Exchange Act of 1934,
the Pension and Benefits Committee of the Profit-Sharing Plan and Trust from
Employees of First National Bank & Trust Company of the Treasure Coast has duly
caused this annual report to be signed by the undersigned thereunto duly
authorized.
PROFIT-SHARING PLAN AND TRUST FOR
EMPLOYEES OF FIRST NATIONAL BANK AND
TRUST COMPANY OF THE TREASURE COAST
Date: 6/28/00 By: /s/ William R. Hahl
----------- -------------------
Member of the Pension and Benefits Committee
<PAGE>
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
As independent certified public accountants, we hereby consent to the
incorporation by reference of our report dated June 25, 2000 included in this
Form 11-K, into the Company's previously filed Registration Statement on Form
S-8.
/s/ Arthur Andersen, LLP
------------------------
Arthur Andersen LLP
West Palm Beach, Florida,
June 25, 2000
