Seacoast completes $111.2 million acquisition of Heartland Bancshares

STUART, Fla. - Seacoast Banking Corporation of Florida (NASDAQ:SBCF), a regional bank with a market capitalization of $2.48 billion, announced today it has completed its acquisition of Heartland Bancshares, Inc., the parent company of Heartland National Bank, in a deal valued at approximately $111.2 million. According to InvestingPro data, Seacoast maintains a "Good" overall financial health score, suggesting strong fundamentals supporting this strategic expansion.

The transaction, which closed on Friday, expands Seacoast’s presence in Central Florida by entering Highlands County, where Heartland has maintained the leading deposit market share for several years.

According to the company’s statement, Heartland had approximately $665.9 million in deposits and $156.6 million in total consolidated net loans as of March 31, 2025.

"We are delighted to welcome Heartland’s customers and associates to Seacoast," said Charles M. Shaffer, Seacoast’s Chairman and CEO. "We see a great opportunity to grow our presence in Central Florida."

Under the terms of the agreement, Heartland shareholders received a combination of cash and stock. The merger of Heartland National Bank with Seacoast Bank was also completed today, with Seacoast National Bank continuing as the surviving financial institution.

Piper Sandler & Co. served as financial advisor to Seacoast, while Hovde Group, LLC advised Heartland on the transaction.

Following the acquisition, Seacoast maintains approximately $15.7 billion in assets and $12.6 billion in deposits as of March 31, 2025, with over 83 full-service branches across Florida.

The information in this article is based on a press release statement from Seacoast Banking Corporation of Florida.

In other recent news, Seacoast Banking Corporation of Florida has announced a significant acquisition of Villages Bancorporation, a central Florida franchise with $4 billion in assets. This acquisition is expected to enhance Seacoast Banking’s profitability and balance sheet flexibility, with analysts projecting it to be 24% accretive to 2026 earnings. However, it will initially dilute tangible book value by 9.9%, with an earnback period of 2.8 years. Additionally, Seacoast Banking has received regulatory approvals for its acquisition of Heartland Bancshares, which is set to close around July 11, 2025. This acquisition is part of Seacoast’s expansion strategy and aims to bolster its presence in Florida. Keefe, Bruyette & Woods has adjusted its price target for Seacoast Banking, raising it to $32 from $31, while maintaining an Outperform rating. The firm also updated its earnings estimates for Seacoast Banking, projecting $1.75 for 2025 and $2.48 for 2026. Furthermore, Seacoast Banking’s shareholders approved several proposals at the 2025 Annual Meeting, including increasing authorized shares of common stock and approving executive compensation plans.

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