Clueless Down Under
Former Vice President Kamala Harris goes to Australia for a real estate conference. Back on the homeland, the democrat machine is still busted, and no one has the tools to fix it.
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Seacoast bets big on The Villages in $710.8M deal
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Arguably Florida's most acquisitive bank is making a move on the state's largest retirement community. Seacoast Banking Corp. agreed to acquire Villages Bancorporation in a transaction worth $710.8 million that's expected to close in the fourth quarter, according to a Thursday press release. VBI, the parent company of Citizens First Bank, touts a deposit share of more than 50% in the metro area that includes The Villages, the 150,000-person community in central Florida. The deal comes just two weeks after Seacoast announced it had received approval from the Federal Reserve and Office of the Comptroller of the Currency to buy Heartland Bancshares. That transaction, worth roughly $110 million and announced in February, is set to close July 11, Seacoast said this month. The VBI deal builds on Stuart-based Seacoast's strategy to expand in central Florida. Thursday's transaction would add 19 branches to Seacoast's brick-and-mortar footprint and boost its asset total by $4.1 billion, the bank said. Figuring in the Heartland deal, too, Seacoast will have $21 billion in assets, $17 billion in deposits and $12 billion in gross loans once the VBI transaction closes, it said. Seacoast CEO Charles Shaffer called the deal a 'rare partnership opportunity to continue the legacy of high quality service to the Villages community with a shared vision for the many years of growth that lay ahead.' Seacoast expects the transaction to be roughly 22% accretive to earnings per share in 2026. Its tangible book value dilution should be earned back in less than three years, the bank said. Under the deal, VBI shareholders can receive their choice of $1,000 in cash for each share they own, or 38.5 shares of Seacoast common stock. VBI shareholders alternately could opt for a mix of the two, such that they would get cash for 25% of the holdings and the remaining 75% would be exchanged for Seacoast stock. The deal's $710.8 million value stems from Seacoast's closing price from Wednesday of $24.91 per share, the bank said. 'Since its founding in 1992, VBI has been committed to providing the very best banking experience for our customers,' CEO Jay Bartholomew said in a statement Thursday. 'In partnership with Seacoast, we are positioned to further accelerate this commitment, creating a best-in-class banking experience supported by a great team of professionals.' Seacoast's history of acquisition stretches far back from 2025. The lender simultaneously announced two deals in 2021: for Sarasota-based Sabal Palm Bank and Melbourne-based Florida Business Bank. It followed that up in 2022 with a $168.3 million purchase of Miami-based Apollo Bank (which itself had earlier terminated a proposed tie-up with Suncoast Credit Union). Seacoast further cemented its Miami foothold in 2022 by acquiring Professional Bank for roughly $488.6 million.
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Inflation eases, spending on autos pops in March
Inflation cooled and consumer spending — especially on automobiles — surged in March as households made purchases ahead of a raft of new tariffs from the Trump administration. The personal consumption expenditures (PCE) price index held steady from February to March while dropping to an annual increase of 2.3 percent from 2.7 percent in February, the Commerce Department reported Wednesday. Excluding the more volatile categories of food and energy, 'core' PCE prices fell to a 2.6 percent annual increase in March from 3.0 percent in February. Core PCE is an important measurement for the Federal Reserve as it determines whether to raise or lower interest rates, and the March drop will likely come as welcome news. Meanwhile, consumer expenditures popped, rising 0.7 percent, or $135 billion, from 0.5 percent in February and a 0.3-percent contraction in January. Personal incomes rose by $116.8 billion, or 0.5 percent. The spending increase on automobiles, which have been targeted by tariffs from the White House, was substantial, increasing by almost 57 percent on the month. The White House on Tuesday scaled back its tariffs on automobiles and auto parts that are scheduled to go into effect May 3, announcing a rebate program for carmakers that would phase out over the next two year as companies are expected to increase domestic production. The auto industry has been lobbying against tariffs. 'Additional tariffs will increase costs on American consumers, lower the total number of vehicles sold inside the U.S. and reduce U.S. auto exports — all before any new manufacturing or jobs are created in this country,' John Bozzella, president of the Alliance for Automotive Innovation, said in a recent statement. Consumers, businesses and economists have been expecting Trump's tariffs to increase prices. A Gallup poll published Monday found that 89 percent of U.S. adults think the tariffs will increase prices, while 70 percent believe the tariffs will cost more than what they draw in federal revenue. Eighty-two percent of Republicans and 92 percent of Democrats are predicting higher prices as a result of the tariffs, the poll found. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign in to access your portfolio
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Cornyn: Paxton allegations ‘just the tip of the iceberg'
Sen. John Cornyn (R-Texas) in an interview published Friday suggested the allegations that fueled Texas Attorney General Ken Paxton's (R) impeachment inquiry — which ultimately failed — were 'just the tip of the iceberg.' Speaking to The New York Times, Cornyn placed emphasis on the importance of character as he vies for reelection next year in the Senate GOP primary against Paxton. 'I'm willing to bet my career and my future and this job on my belief that character does matter still,' Cornyn said, suggesting Paxton believed instead 'that he can get away with a whole litany of misbehavior and corruption that should disqualify him from the job.' Paxton was acquitted in the Texas state Legislature's impeachment inquiry in September 2023, which alleged he had 'used, misused, or failed to use his official powers in a manner calculated to subvert the lawful operation of the government of the State of Texas and obstruct the fair and impartial administration of justice.' The allegations particularly suggested Paxton was inappropriately helping Nate Paul, one of his donors. 'John Cornyn is peddling a new fake lie every week because he's down 20 points and trying to process the fact that his 40-year political career is coming to an end,' Paxton said in a statement responding to Cornyn's interview with the Times. 'His pathetic attacks can't change the fact that he worked with Joe Biden to take away our gun rights, said President Trump's 'time has passed him by,' and called the border wall 'naïve,'' he added, a nod to Cornyn's involvement in a bipartisan gun safety bill that was signed into law by former President Biden and that sparked criticism among some Texas Republicans. Republicans are bracing for a nasty primary between the two men – which could potentially offer an opening to Democrats in Texas, as the race shows only greater signs of divisiveness and personal attacks. One Republican-aligned poll and one public poll from the Barbara Jordan Public Policy Research and Survey Center at Texas Southern University have shown Cornyn trailing Paxton in a GOP primary. However, both showed Cornyn faring better than Paxton in a general election. Cornyn's campaign released a slew of ads earlier this week, first shared with The Hill, accusing Paxton of 'funding the left,' citing grant money his office gave different Texas legal groups. Meanwhile, Paxton's allies have hit back at the campaign's allegations, suggesting they're false, and have reminded voters that Cornyn has previously criticized Trump. The president hasn't weighed in on the primary between the two men. Noting other Republicans have similarly recanted past criticism of Trump, Cornyn told the Times, 'I was wrong and President Trump was right, obviously.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
