Seacoast Banking of Florida, the holding company of Seacoast National Bank, has agreed to acquire Heartland Bancshares, the parent company of Heartland National Bank in a deal worth $110m.
According to the terms of the definitive agreement, each share of Heartland common stock will be converted into the right to receive either $147.1 in cash, 4.9164 shares of Seacoast common stock, or a 50-50 combination of cash and stock.
The total consideration values each Heartland share at approximately $141.96. Shareholders will have the option to choose their preferred form of payment, though the final transaction structure will ensure an equal split between cash and stock.
Seacoast chairman and CEO Charles Shaffer said: “The transaction is expected to be accretive to earnings in 2026 with modest dilution of tangible book value. We look forward to welcoming Heartland’s employees and customers to the Seacoast franchise.”
The transaction is expected to expand Seacoast’s presence in Central Florida, further strengthening its footprint in the region.
Currently, Heartland National Bank operates four branches, with deposits totalling approximately $641m and loans of around $161m as of 31 December 2024.
The acquisition aligns with Seacoast’s merger and acquisition strategy, which focuses on entering attractive markets, maintaining low concentration risks, and integrating high-quality franchises while sustaining its organic growth.
Seacoast expects the transaction to be accretive to earnings per share by around 7% in 2026, with the modest dilution of tangible book value anticipated to be recovered within approximately 2.25 years.
Heartland Bancshares and Heartland National Bank CEO James Clinard said: “Since its founding in 1999, Heartland 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.”
Subject to regulatory approvals, approval from Heartland’s shareholders, and the fulfilment of customary conditions, the acquisition is expected to be completed in Q3 2025.
For the transaction, Piper Sandler acted as financial adviser to Seacoast, with Alston & Bird providing legal counsel. Heartland was advised by Hovde Group while Smith Mackinnon served as its legal counsel.
