Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank (“Seacoast Bank”), announced that it has signed a definitive agreement to acquire Heartland Bancshares, Inc. (“Heartland”), 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 $641 million and loans of approximately $161 million 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.”
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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.”
The proposed transaction exemplifies Seacoast’s M&A focus on consolidation or entry into attractive markets, low concentration risks, high-quality relationship supported franchises, and ease of execution that does not distract from its organic growth strategy. Seacoast expects the transaction to be approximately 7% accretive to earnings per share in 2026, with modest dilution of tangible book value per share that it expects will be earned back in approximately 2.25 years.
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 (subject to certain potential adjustments) 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 $110 million.
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.
Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast. Hovde Group, LLC served as financial advisor and Smith Mackinnon, PA served as legal counsel to Heartland.
SOURCE: Businesswire