By Stephen Nakrosis

Seacoast Banking Corp. of Florida said it agreed to acquire Heartland Bancshares, which operates four branches in central Florida.

Under the terms of the deal, Heartland shareholders would have the choice to receive stock, cash, or a mix of 50% cash and 50% stock. Seacoast said it would pay $147.10 a share in cash, or give 4.9164 shares of Seacoast common stock a share, or offer the 50-50 combination of cash and common stock.

Based on the closing price of $27.83 on February 26, the aggregate value of the deal to be paid by Seacoast would be about $110 million, the company said.

Heartland had deposits of approximately $641 million and loans of about $161 million as of December 31, 2024, Seacoast said.

Seacoast also said the deal is expected to be approximately 7% accretive to earnings per share in 2026, with modest dilution of tangible book value per share expected to be earned back in approximately 2.25 years.

Seacoast Banking Corp. is the holding company for Seacoast National Bank.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 27, 2025 18:59 ET (23:59 GMT)

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