Seacoast Banking agrees to acquire Heartland Bancshares

Seacoast Banking (SBCF) Corporation of Florida announced that it has signed a definitive agreement to acquire Heartland Bancshares, parent company of Heartland National Bank based in Sebring, FL. The proposed transaction will expand Seacoast’s presence into this key Central Florida market. Heartland operates four branches with deposits of approximately $641M and loans of approximately $161M as of December 31, 2024. The proposed transaction is a natural continuation of Seacoast’s M&A strategy and adds a stable, high-quality franchise in a growing market. “Heartland has an outstanding reputation for exceptional service and strong financial performance, with a deep commitment to the communities it serves for over 25 years, and we look forward to continuing Heartland’s dedication to its customers, employees and shareholders. We see great opportunity in complementing Heartland’s strengths with Seacoast’s innovative products and breadth of offerings to grow our presence and expand our position in the state,” said Charles M. Shaffer, Seacoast’s Chairman and CEO. “The transaction is expected to be accretive to earnings in 2026 with modest dilution of tangible book value. We look forward to welcoming Heartland’s employees and customers to the Seacoast franchise.” Under the terms of the definitive agreement, each share of Heartland common stock will be converted at closing into the right to receive (i) $147.10 in cash, (ii) 4.9164 shares of Seacoast common stock or (iii) a 50-50 combination of cash and common stock, or a total value of $141.96 per share of Heartland common stock. Shareholders will have the ability to elect to receive stock, cash, or a mix of 50% cash and 50% stock, with the final consideration mix being maintained at 50% cash and 50% stock. Based on Seacoast’s closing price of $27.83 as of February 26, 2025, the aggregate value of merger consideration to be paid by Seacoast would be approximately $110M. Closing of the transaction is expected in the third quarter of 2025, following receipt of approvals from regulatory authorities, the approval of Heartland shareholders, and the satisfaction of other customary closing conditions.