Seacoast Banking Corporation of Florida announced a definitive agreement to acquire Villages Bancorporation, Inc. (VBI), parent company of Citizens First Bank, for approximately $710.8 million. This valuation is based on Seacoast's closing price of $24.91 as of May 28, 2025.
VBI operates 19 branches and reported approximately $4.1 billion in assets, $3.5 billion in deposits, and $1.3 billion in loans as of March 31, 2025. Following this acquisition and the pending Heartland deal, Seacoast's pro forma total assets are projected to be $21 billion, with $17 billion in deposits and $12 billion in gross loans.
The transaction is expected to be approximately 22% accretive to earnings per share in 2026, with tangible book value dilution earned back in under three years. VBI holds a leading deposit share of over 50% in the Wildwood-The Villages MSA, making this a strategic expansion into a rapidly growing community. The acquisition is expected to close in the fourth quarter of 2025.
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