Seacoast Banking plans $110M acquisition of Heartland Bancshares

Seacoast Banking Corporation has announced its agreement to acquire Heartland Bancshares for $110 million in a deal aimed at expanding its presence in Central Florida. Heartland, which operates four branches and holds approximately $641 million in deposits and $161 million in loans, has been praised for its strong community commitment and financial performance. The merger will allow Heartland shareholders to choose between cash, stock, or a combination of both, with each Heartland share valued at approximately $141.96. Seacoast’s CEO, Charles Shaffer, emphasized that the acquisition aligns with the company’s strategy to integrate high-quality franchises into its portfolio. The transaction is expected to be completed by the third quarter of 2025, pending regulatory and shareholder approvals. Both companies express optimism about enhancing customer service and operational efficiency through the merger.