Seacoast Banking Corporation of Florida (Seacoast), the holding company for Seacoast National Bank, has agreed to acquire Heartland Bancshares, the parent company of Heartland National Bank.
Shareholders of Heartland will have the option to receive cash, stock, or a combination of both, with the total value of the merger consideration estimated at $110m based on Seacoast’s closing price as of 26 February 2025.
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This acquisition is part of Seacoast’s strategy to strengthen its footprint in the Central Florida market.
Heartland currently operates four branches, holding deposits of roughly $641m and loans of about $161m as of 31 December 2024.
Seacoast chairman and CEO Charles Shaffer said: “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.”
The completion of the transaction, expected in the third quarter of 2025, is subject to regulatory approvals, Heartland shareholder approval, and other customary closing conditions.
Heartland Bancshares CEO James Clinard said: “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.”
Financial advisory services for Seacoast were provided by Piper Sandler, with Alston & Bird acting as legal counsel.
Heartland was advised by Hovde Group, with Smith Mackinnon, providing legal counsel.
Seacoast, with approximately $15.2bn in assets and $12.2bn in deposits as of 31 December 2024, offers a range of financial services including commercial and consumer banking, wealth management, mortgage, and insurance services.
In 2023, Seacoast acquired Professional Holding, the parent company of Professional Bank, in a $488.6m deal.
