Business
Seacoast Announces the Acquisition of Heartland Bancshares, Inc.
Continues Seacoast’s Successful M&A Strategy, Expanding its Footprint in Central Florida Adds a Seasoned Franchise with a History of High Profitability and
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"\nContinues Seacoast’s Successful M&A Strategy, Expanding its Footprint in Central Florida\n\n\nAdds a Seasoned Franchise with a History of High Profitability and Low-Cost Core Deposits\n\n\n STUART, Fla.--(BUSINESS WIRE)--\nSeacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF), the holding company for Seacoast National Bank (“Seacoast Bank”), announced today 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.\n\n\nHeartland 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.\n\n\n“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.”\n\n\n“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.”\n\n\nThe proposed transaction exemplifies Seacoast’s M&A focus on consolidation or entry into attractive markets, low concentration risks, high-qu...