Seacoast Banking Corp Acquires Villages Bancorporation

By Bobby Samwell • Tuesday, October 07 12:02 • Permanent Link

Seacoast Banking Corporation of Florida ("Seacoast") has announced the completion of its acquisition of Villages Bancorporation, Inc. ("VBI"), the parent company of Citizens First Bank. The merger of Citizens First Bank with and into Seacoast National Bank was also effective on the same date, with Seacoast National Bank being the surviving financial institution.

The final consideration for the acquisition was approximately $829 million. Citizens First Bank had the leading deposit market share of over 50% in the Wildwood-The Villages MSA, operating 19 branches with deposits of approximately $3.5 billion and total consolidated net loans of approximately $1.3 billion as of June 30, 2025.

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $15.9 billion in assets and $12.5 billion in deposits as of June 30, 2025. Seacoast and its subsidiaries provide integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 103 full-service branches across Florida, and through advanced mobile and online banking solutions.

The acquisition of VBI expands Seacoast's presence into The Villages, a unique planned community in central Florida with one of the highest population growth rates in the United States. The Villages community is home to approximately 150,000 residents in over 77,000 homes spanning 60,000 acres, with more than 6 million square feet of commercial space and a 97% average occupancy rate.

The transaction details include Piper Sandler & Co. serving as financial advisor and Alston & Bird LLP serving as legal counsel to Seacoast. Raymond James & Associates, Inc. rendered a fairness opinion to Seacoast’s board of directors. Hovde Group, LLC served as financial advisor and Smith Mackinnon, PA served as legal counsel to VBI.

The acquisition of VBI aligns with Seacoast's values of deep local relationships and commitment to personalized service, aiming to create greater value for customers and shareholders while supporting continued growth and success across the communities they serve. The market has reacted to these announcements by moving the company's shares 1.78% to a price of $31.47. For the full picture, make sure to review SEACOAST BANKING CORP OF FLORIDA's 8-K report.

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