Image source: © 2025 Krish Capital Pty. Ltd.

Highlights
• Acquisition adds USD 665.9 million in deposits and USD  156.6 million in net loans
• Total deal consideration valued at approximately USD111.2 million
• Expands Seacoast’s footprint into Highlands County, Central Florida

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) announced the completion of its acquisition of Heartland Bancshares, Inc., the parent company of Heartland National Bank, effective July 11, 2025. The transaction included the merger of Heartland National Bank into Seacoast National Bank, which will remain the surviving entity.

Under the terms of the agreement, Heartland shareholders received a mix of cash and stock, with the final transaction valued at approximately USD 111.2 million. Heartland has a significant market presence in Highlands County, where it has held a leading deposit share for years. As of March 31, 2025, Heartland reported deposits of approximately USD 665.9 million and consolidated net loans totaling about USD 156.6 million.

This acquisition marks a strategic expansion for Seacoast into Central Florida. According to Seacoast Chairman and CEO Charles M. Shaffer, the integration of Heartland's operations is expected to enhance service offerings while maintaining a focus on existing customer relationships.

Seacoast was advised on the transaction by Piper Sandler & Co. and legal counsel was provided by Alston & Bird LLP. Heartland received financial advisory services from Hovde Group, LLC, with legal counsel from Smith Mackinnon, PA.

As of March 31, 2025, Seacoast Banking Corporation reported total assets of USD15.7 billion and USD 12.6 billion in total deposits. The company operates over 83 full-service branches throughout Florida and provides a range of commercial, consumer, mortgage, and wealth management services.