Seacoast Banking Corporation of Florida’s previously announced $110m acquisition of Heartland Bancshares has received approval from US regulatory bodies, the Federal Reserve and the Office of the Comptroller of the Currency.
The acquisition is set to proceed following necessary shareholder approvals, with completion anticipated around 11 July 2025. All the required regulatory approvals have been received by the parties.
Announced in February 2025, the deal aims to strengthen Seacoast’s footprint in Central Florida, where Heartland operates four branches. As of March 2025, Heartland held assets worth approximately $763m and deposits totalling around $666m.
Aligned with Seacoast’s merger and acquisition strategy, this transaction is projected to increase earnings per share by about 7% in 2026. It will also result in a slight initial dilution in tangible book value, which is expected to be recovered within approximately two and a quarter years.
Under the terms outlined in the definitive agreement, Heartland shareholders will have options regarding their compensation, either $147.1 in cash per share, 4.9164 shares of Seacoast common stock, or a combination of both cash and stock valued at $141.96 per share.
Seacoast, listed on NASDAQ as SBCF, ranks among the largest community banks based in Florida. As of March 2025, it reported $15.7bn in assets and deposits amounting to $12.6bn.
Through its subsidiary, Seacoast National Bank, it delivers a range of financial services including commercial and consumer banking, alongside wealth management and mortgage services across its network of over 79 branches throughout Florida.
In late April 2025, Seacoast reported a net income of $31.5m for the first quarter of 2025 (Q1 2025), equating to $0.37 per diluted share. This reflects a decrease from the $34.1m, or $0.4 per diluted share, reported in the fourth quarter of 2024, yet an improvement from the $26m, or $0.31 per diluted share, recorded in the first quarter of 2024.
