Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF), the holding company for Seacoast National Bank (“Seacoast Bank”), announced the completion of its acquisition of Heartland Bancshares, Inc. (“Heartland”), parent company of Heartland National Bank, effective July 11, 2025. The merger of Heartland National Bank with and into Seacoast Bank was also effective on the same date, with Seacoast National Bank being the surviving financial institution.
Under the terms of the merger agreement, Heartland shareholders received a combination of cash and stock, with the final consideration of approximately $111.2 million.
Heartland has had the leading deposit market share in Highlands County for many years, with deposits of approximately $665.9 million and total consolidated net loans of approximately $156.6 million as of March 31, 2025.
“We are delighted to welcome Heartland’s customers and associates to Seacoast. Heartland is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships,” said Charles M. Shaffer, Seacoast’s Chairman and CEO. We see a great opportunity to grow our presence in Central Florida by complementing Heartland’s strengths with Seacoast’s breadth of offerings. The combined franchise will continue to provide exceptional service for this growing market.”
Transaction Details
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.
