Seacoast Banking Corporation of Florida (Seacoast), the holding entity for Seacoast National Bank, has agreed to acquire Villages Bancorporation (VBI) in a deal valued at approximately $710.8m
Villages Bancorporation is the parent company of Citizens First Bank, which is headquartered in The Villages, Florida.
The deal stipulates that each Villages Bancorporation share will be converted into either $1,000 in cash, 38.5 shares of Seacoast common stock, or a combination of both, as chosen by the shareholders.
A proration mechanism mandates that 25% of the shares will receive cash and 75% will receive stock. Should any shareholder exceed 9.75% of Seacoast’s common stock post-transaction, non-voting convertible preferred stock will replace excess shares.
Villages Bancorporation ranks as the 11th largest bank in Florida, with assets amounting to $4.1bn as recorded on 31 March 2025. It operates 19 branches and holds deposits of about $3.5bn alongside loans totalling $1.3bn.
Villages Bancorporation CEO Jay Bartholomew said: “Since its founding in 1992, VBI 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.
“We are delighted to join with Seacoast Bank, which shares our values and has been serving Florida consumers and businesses for nearly a century.”
With a significant presence in The Villages and holding over 50% of deposit share in the Wildwood-The Villages metropolitan area, the acquisition will expand Seacoast’s footprint considerably.
Once finalised, together with the acquisition of Heartland Bancshares, Seacoast is projected to amass total assets of $21bn, deposits of $17bn, and loans worth $12bn.
The latest merger aligns with Seacoast’s strategy to penetrate growth markets and acquire quality franchises supported by strong relationships. The company anticipates that the acquisition will enhance earnings per share by approximately 22% in 2026 while recovering tangible book value dilution within three years.
Seacoast chairman and CEO Charles Shaffer said: “VBI serves a thriving and rapidly growing customer base characterised 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.”
Completion is anticipated in Q4 2025 following regulatory approvals and other customary conditions.
Piper Sandler & Co. provided financial advice while Alston & Bird provided legal counsel for Seacoast. Raymond James & Associates offered a fairness opinion to Seacoast’s board of directors.
Hovde Group served as financial adviser for Villages Bancorporation with Smith Mackinnon, PA providing legal counsel.
