EXHIBIT 99.1
To Form 8-K dated April 21, 2010

NEWS RELEASE

SEACOAST BANKING CORPORATION OF FLORIDA

Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6085

William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825

SEACOAST REPORTS RESULTS FOR
FIRST QUARTER 2010

STUART, FL., April 21, 2010 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a first quarter 2010 net loss of $1.6 million compared with a net loss of $38.1 million in the fourth quarter of 2009 and a net loss of $4.8 million a year earlier. Including preferred stock dividends and accretion of preferred stock discount of $937,000, the net loss applicable to common shareholders was $2.5 million or $0.04 per average common diluted share for the first quarter, compared to a net loss of $39.1 million or $0.73 per average common diluted share in the fourth quarter and a net loss of $5.7 million or $0.30 per average common diluted share for the first quarter of 2009.

“First quarter results reflect a second consecutive quarter of reduced levels of problem loans and a gradually improving economy,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “In addition, delinquency trends show continued stability and credit costs have declined, with much lower net charge-offs and the absence of large additions to the allowance for loan losses. We are further encouraged by continued positive core customer deposit growth and its impact on the net interest margin.” Immediately following the end of the first quarter, the Company completed a successful private placement of convertible preferred stock with total gross proceeds of $50 million. With the added capital, the Company has strengthened its already strong capital ratios, placing it as the most well-capitalized bank of its size in the State of Florida.

Total revenues were up 3.1 percent to $23.9 million for the first quarter 2010 compared to the first quarter 2009. Excluding investment securities gains, revenues totaled $21.8 million for the quarter ended March 31, 2010, or $1.4 million lower compared to the same period a year ago.

Other items impacting financial results for the first quarter 2010 include:

The tax benefit for the net loss for the first quarter totaled $556,000. The deferred tax valuation allowance was increased by a like amount, and therefore there was no change in the carrying value of deferred tax assets which are supported by tax planning strategies.  Due to limitations on the inclusion of deferred tax assets, regulatory capital ratios are unaffected by the reduced tax benefit for the quarter.  Should the economy continue to improve and our credit losses remain moderate, we believe sometime this year that we could place increased reliance on our forecast of future taxable earnings, which would support realization of the deferred tax assets and increase the Company’s common shareholders’ equity by up to $30 million.

Loan Portfolio Risk Reduction Update

Construction and land development portfolios balances have been significantly reduced. These portfolios have been the primary source of increases in both nonperforming loans and loan losses over the past two years.

Total construction and land development loans have been reduced to approximately one quarter of that reported at the high point in 2007, and 36 percent of the remaining portfolio is currently classified nonaccrual and is now in the process of liquidation in accordance with specific workout plans designed to achieve substantial liquidation in an orderly fashion over the next year.

Commercial real estate mortgage loans remain well diversified (as shown in the supplemental tables attached). The Company may see further deterioration over time in this portfolio as a result of continuing economic weakness, but we expect a much lower level of loss potential than recently experienced in our construction and land development portfolios.

Problem Loan Management and Loss Mitigation Update

Problem assets declined during the quarter as forecast. This was primarily the result of reduced levels of loans in the stressed categories as discussed above and the smaller size of individual loans that are migrating to nonaccrual. The pace of growth began to moderate last quarter and continued in the first quarter 2010.

Nonaccrual Loans
March 31, 2010

*Loans classified as nonaccrual (including restructured loans) and less than 31 days past due.

Other real estate owned (“OREO”) declined by $6.3 million to $19.1 million, reflecting a migration of a number of commercial and residential properties through the final foreclosure process, offset by sales and liquidations for the quarter. OREO is expected to increase over the next few quarters as final liquidation and resolution of many of the nonaccrual loans are concluded.

Net interest income (on a tax equivalent basis) was $17.3 million, nearly unchanged ($17.5 million) from the fourth quarter 2009. The lower deposit costs and lower rates paid on all interest bearing liabilities were offset by lower yields on investments and loans.

Noninterest income, totaled $6.7 million, down slightly linked quarter, primarily due to lower gains on security sales and fewer days in the first quarter compared to the fourth quarter. Revenue increased for debit card and other EFT transactions, attributable to increases in the number of customers served and greater transactions. However, service charges on deposits have trended lower as a result of lower overdraft fees, as customers have increased their savings and balances during the recession. In addition, wealth management fees continue to be impacted by the challenging economic conditions. Marine finance fees were up $111,000 over the fourth quarter, the result of numerous boat shows and some increased demand as is typical in the seasonally best quarter for production.

Mortgage banking revenues were unchanged this quarter compared to the fourth quarter 2009. A total of 259 applications were accepted in the first quarter 2010 for total loans of $52 million. Closed mortgage loans totaled $33 million for the quarter, down $5 million from the first quarter 2009. A total of $22 million in residential mortgage loans were sold in the first quarter of 2010, and the remainder retained.

Noninterest expenses for the first quarter totaled $23.4 million, up by $2.5 million compared to the fourth quarter 2009. The increase was primarily due to higher foreclosed and repossessed asset disposition and management activities and employee benefit costs, which are higher in the first and second quarters each year as a result of payroll taxes, and unemployment and health insurance costs. Salaries, wages and benefits for the first quarter 2010 declined $430,000 or 5.0 percent from a year ago, largely due to last year’s consolidation of branches and centralization of management by combining markets. Cost reductions were also achieved in backroom areas, with expenditures for data processing, communications, occupancy, and furniture and equipment all declining compared to the prior year. Costs associated with foreclosed and repossessed asset disposition and management activities increased by $1.8 million compared to the fourth quarter 2009 and $3.6 million compared to a year earlier. Also increasing this quarter compared to a year earlier were FDIC assessments, as well as legal and professional fees related to risk management and strategic planning, and credit and collection related activities. Management has been focused and aggressive in resolving troubled loans and are confident that early identification and action will lead to lower future costs as exposures are reduced.

The Company’s retail core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances, which offset planned run-off in brokered certificates of deposit in the first quarter 2010. The improved deposit mix and lower rates paid on deposits during the first quarter reduced the overall cost of total deposits to 1.03 percent, 12 basis points lower than in the fourth quarter 2009 and 76 basis points below last year’s first quarter.

Total deposits, excluding brokered certificates of deposits at March 31, 2010, totaled $1.7 billion and were nearly unchanged compared to year-end 2009 total deposits. The average cost of interest bearing deposits, excluding certificates of deposits, during the first quarter was 0.59 percent, down 2 basis points from the fourth quarter and 52 basis points from first quarter 2009. Certificates of deposits rates paid were also lower compared to the fourth quarter and totaled 2.06 percent during the first quarter of 2009, a decline of 14 basis points compared to the fourth quarter.

Total deposits, excluding brokered certificates at March 31, 2010, declined $7 million compared to the prior year. The decline in deposits resulted from management’s decision not to retain higher rate certificates of deposits, which declined $90 million and were partially replaced with lower cost new core deposits. As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing its new deposit growth strategy. A total of 1,900 new core households were added in the first quarter 2010, up 8.4 percent compared to the fourth quarter 2009. This compares to 1,874 in the first quarter 2009. These new relationships have improved market share and increased average services per household.

Seacoast will host a conference call on Thursday, April 22, 2010 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2458 (access code: 5785075; leader: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the call will be available for one month, beginning the afternoon of April 22, 2010, by dialing (877) 213-9653 (domestic), using the passcode 5785075.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net. The link is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of April 22, 2010, an archived version of the webcast can be accessed from this same subsection of the website, and will be available for one year.

Seacoast Banking Corporation of Florida has approximately $2.1 billion in assets. It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support”, “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2009 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.

Note: The balance sheet at December 31, 2009 has been derived from the audited financial statements at that date.