Seacoast Banking Corp Expands into Highlands County

By Bobby Samwell • Saturday, July 12 15:31 • Permanent Link

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has successfully completed its acquisition of Heartland Bancshares, Inc., expanding its presence in central Florida by entering Highlands County. The acquisition, effective July 11, 2025, saw the merger of Heartland National Bank into Seacoast Bank, with Seacoast National Bank emerging as the surviving financial institution.

Under the terms of the merger agreement, Heartland shareholders received a combination of cash and stock, amounting to a final consideration of approximately $111.2 million. As of March 31, 2025, Heartland held approximately $665.9 million in deposits and total consolidated net loans of around $156.6 million, solidifying its leading deposit market share in Highlands County.

Seacoast's Chairman and CEO, Charles M. Shaffer, expressed enthusiasm about the acquisition, emphasizing the opportunity to grow the company's presence in central Florida by leveraging Heartland's customer-focused franchise and deep customer relationships.

Seacoast Banking Corporation of Florida reported approximately $15.7 billion in assets and $12.6 billion in deposits as of March 31, 2025, reflecting the company's substantial financial position. With over 83 full-service branches across Florida, the company and its subsidiaries offer integrated financial services, including commercial and consumer banking, wealth management, and mortgage services, supported by advanced mobile and online banking solutions.

The financial advisory for Seacoast was provided by Piper Sandler & Co., with legal counsel from Alston & Bird LLP, while Hovde Group, LLC served as the financial advisor and Smith MacKinnon, PA as the legal counsel to Heartland.

This acquisition marks a significant expansion for Seacoast Banking Corporation of Florida, positioning the company for continued growth and enhanced market presence in central Florida. The market has reacted to these announcements by moving the company's shares -1.25% to a price of $29.29. For the full picture, make sure to review SEACOAST BANKING CORP OF FLORIDA's 8-K report.

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