News Summary
Seacoast Banking Corporation of Florida has announced its plans to acquire Heartland Bancshares in a $110 million deal. The transaction, involving both cash and stock, is expected to close in the third quarter of 2025, pending regulatory approvals. The acquisition aims to strengthen Seacoast’s market presence in Central Florida, particularly in the rapidly growing Sebring area. Seacoast anticipates a 7% increase in earnings by 2026 and significant cost savings from the integration of Heartland’s operations.
Florida – Seacoast Banking Corporation of Florida has announced plans to acquire Heartland Bancshares, the parent company of Heartland National Bank, in a deal valued at $110 million. The transaction will involve both cash and stock and is set to close in the third quarter of 2025, pending necessary regulatory approvals as well as approval from Heartland shareholders.
Heartland Bancshares, established in 1999, operates four branches and, as of December 31, 2024, reports approximately $641 million in deposits and $161 million in loans. The Sebring metropolitan area, where Heartland holds a dominant market presence, has been experiencing significant growth, with the population exceeding 107,000 and a 30% increase in bank deposits from 2019 to 2024. During this time, Heartland saw a remarkable 74% rise in its deposits.
Charles Shaffer, Seacoast’s chairman and CEO, indicated that this acquisition has been the outcome of nearly five years of negotiations between the two entities. Seacoast Banking Corporation, which boasts around $15.2 billion in assets and $12.2 billion in deposits, aims to capitalize on the growth in the Central Florida region through this strategic move.
Seacoast anticipates that this acquisition will be accretive to earnings, projecting a 7% increase in earnings by 2026. This growth is expected to contribute positively to the company’s return on average assets. The integration of Heartland’s operations into Seacoast’s portfolio is seen as a way to leverage existing customer relationships and enhance product offerings.
According to Christopher Marinac, Research Director at Janney Montgomery Scott, the deal offers Seacoast an opportunity to expand its low-cost deposit base while limiting risk. The specifics of the acquisition include a per-share price for Heartland’s common stock set at $147.10 in cash, or 4.9164 shares of Seacoast stock, or a combination of both, translating to an estimated total value of $141.96 per share.
In addition to expanding its footprint and service offerings, Seacoast expects to generate cost savings approximating 25% of Heartland’s operating expenses, which totaled around $9.8 million in 2024. The merger will involve the continuation of Heartland’s current branch operations, which are expected to maintain their existing business model throughout the transition.
This acquisition marks a significant moment for Seacoast, following a period of inactivity in mergers and acquisitions that lasted two and a half years. The last announced deal by Seacoast occurred in August 2022. Both banks have stressed their shared commitment to delivering exceptional banking services and improving community connections, aiming to create a superior banking experience for customers through their partnership.
In summary, the acquisition of Heartland Bancshares not only represents a considerable expansion for Seacoast Banking Corporation but also highlights the ongoing growth and potential within the Florida banking sector. Analysts view the move strategically beneficial for Seacoast, promising enhanced operational efficiencies and increased competitive advantages in the market.
Deeper Dive: News & Info About This Topic
- American Banker: Seacoast to Acquire Deposit-Rich Central Florida Bank
- Wikipedia: Seacoast Banking Corporation of Florida
- Business Observer: Market President West Central Florida
- Google Search: Florida banking sector
- Banking Dive: Florida Serial Acquirer Seacoast Strikes Again
- Google Scholar: Florida bank mergers
- Business Wire: Seacoast Announces Acquisition of Heartland Bancshares
- Encyclopedia Britannica: Banking in Florida
- Retail Banker International: Seacoast to Acquire Heartland Bancshares
- Google News: Florida banking news
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
