Business
Seacoast Announces the Acquisition of Villages Bancorporation, Inc.
Continues Seacoast’s Successful M&A Strategy, Expanding its Footprint into Attractive Market Known as The Villages Adds a Unique and Valuable Franchise with
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"\nContinues Seacoast’s Successful M&A Strategy, Expanding its Footprint into Attractive Market Known as The Villages\n\n\nAdds a Unique and Valuable Franchise with a Strong Core Deposit Base and Stable Cost of Funds\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 Villages Bancorporation, Inc. (“VBI”), parent company of Citizens First Bank based in The Villages, FL.\n\n\nThe Villages is a unique planned community in Central Florida, with one of the highest population growth rates in the United States. The Villages community is home to approximately 150,000 residents in over 77,000 homes spanning 60,000 acres with more than 6 million square feet of commercial space and a 97% average occupancy rate. VBI is the 11th largest bank in the state of Florida with $4.1 billion in assets as of March 31, 2025. VBI operates 19 branches with deposits of approximately $3.5 billion and loans of approximately $1.3 billion as of March 31, 2025. As the only community-focused bank deeply integrated into The Villages, VBI has a leading deposit share of over 50% in the Wildwood-The Villages MSA. Following completion of this transaction and the recently announced Heartland Bancshares, Inc. acquisition, Seacoast will have pro forma total assets of $21 billion, total deposits of $17 billion and gross loans of $12 billion, based on financial data as of March 31, 2025.\n\n\n“VBI serves a thriving and rapidly growing customer base characterized by strong financial stability and consistent demand for tailored financial products. This is a rare partnership opportunity to continue the legacy of high quality service to the Villages community with a shared vision for the many years of growth that lay ahead. We are excited to complement VBI’s strengths with Seacoast’s innovative products and breadth of offerings in this unique market,” said Charles M. Shaffer, Seacoast’s Chairman and CEO. “We believe this partnership is attractive to all stakeholders, with the continuation of a strong service-oriented culture for our associates, an attractive increase in profitability and earnings within a reasonable earnback period for our shareholders, and expanding pro...