Seacoast Banking Corporation of Florida announced a definitive agreement to acquire Heartland Bancshares, Inc., the parent company of Heartland National Bank. The transaction is valued at approximately $110 million, based on Seacoast's closing price of $27.83 as of February 26, 2025.
Heartland operates four branches in Central Florida and reported approximately $641 million in deposits and $161 million in loans as of December 31, 2024. This acquisition is a continuation of Seacoast's M&A strategy to expand its footprint in key growth markets.
The transaction is expected to be approximately 7% accretive to earnings per share in 2026. Tangible book value dilution is projected to be earned back in approximately 2.25 years. The closing is anticipated in the third quarter of 2025, subject to regulatory and shareholder approvals.
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