The Morse family is selling off Citizens First Bank, a cornerstone in the growth and development of The Villages.
Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has announced a definitive agreement to acquire Villages Bancorporation Inc., the parent company of Citizens First Bank.
“This strategic acquisition aims to strengthen Seacoast’s presence in a rapidly growing market,” Seacoast said in a press release announcing the acquisition.
Citizens First Bank has grown to the 11th largest bank in the state of Florida, with its newest location opening in Eastport. Citizens First Bank boasts assets worth $4.1 billion as of March 31 with deposits of $3.5 billion and loans totaling $1.3 billion. Citizens First Bank has more than 400 employees across its numerous locations in The Villages.
All Citizens First Bank locations will be converted to Seacoast National Bank. That is not expected to take place until May 2026.
The transaction, subject to regulatory approval, is expected to close by the end of the year.
“With this acquisition, Seacoast aims to leverage Villages Bancorporation Inc.’s robust deposit base and strong market share, particularly its over 50 percent deposit share in The Villages area,” the press release stated.
Under the agreement, each share of Villages Bancorporation Inc. common stock is convertible into either $1,000 in cash or 38.5 shares of Seacoast common stock, or a combination thereof. The total merger consideration is approximately valued at $710.8 million, based on Seacoast’s closing price of $24.91 as of May 28.
Long history of Citizens First Bank
The history of Citizens First Bank dates back more than three decades, when founder Harold Schwartz was determined to establish a hometown feeling and secure the fledgling development’s financial future.
The bank flourished in the hands of his son, H. Gary Morse, and then Morse’s children, Mark, Tracy and Jennifer.
Lindsey Blaise, daughter of Tracy Morse, served for seven years as the president and CEO of the bank before stepping down in 2024. Blaise cited a desire to spend more time with her three young children. She remained on the bank’s board of directors. She had been named the bank’s president in 2017.
She was succeeded by Jay Bartholomew, who is the bank’s CEO today.