Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has entered into a definitive agreement to acquire Heartland Bancshares, Inc., the parent company of Heartland National Bank, headquartered in Sebring, FL. This acquisition will enhance Seacoast’s footprint in the Central Florida market, aligning with the company’s strategic growth initiatives.
Heartland currently operates four branches, managing approximately $641 million in deposits and $161 million in loans as of December 31, 2024. This acquisition is a strategic extension of Seacoast’s ongoing merger and acquisition strategy, bringing a well-established and high-quality banking franchise into its expanding network.
“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.”
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“Since its founding in 1999, Heartland has been committed to providing the very best banking experience for our customers. Now, 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,” said James C. Clinard, Chief Executive Officer of Heartland Bancshares, Inc. and Heartland National Bank. “We are delighted to join forces with Seacoast Bank, which shares our values and has been serving Florida consumers and businesses for nearly a century.”
This acquisition aligns with Seacoast’s strategic M&A approach, focusing on expansion into attractive markets, maintaining low concentration risks, and integrating high-quality relationship-based banking franchises. The transaction is projected to be approximately 7% accretive to earnings per share by 2026, with a modest impact on tangible book value per share, expected to be recovered in approximately 2.25 years.
As per the definitive agreement, each share of Heartland common stock will be exchanged for (i) $147.10 in cash, (ii) 4.9164 shares of Seacoast common stock (subject to potential adjustments), or (iii) a combination of 50% cash and 50% stock, representing a total value of $141.96 per share. Shareholders will have the option to receive stock, cash, or a balanced mix of both, with the final transaction structure maintaining a 50-50 cash-to-stock ratio. Based on Seacoast’s closing price of $27.83 on February 26, 2025, the total merger consideration is valued at approximately $110 million.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals, Heartland shareholder approval, and customary closing conditions.
Piper Sandler & Co. acted as financial advisor, while Alston & Bird LLP served as legal counsel to Seacoast. Hovde Group, LLC provided financial advisory services, and Smith Mackinnon, PA served as legal counsel to Heartland.