The bank purchasing Citizens First Bank has made another acquisition.
Seacoast National Bank has acquired Heartland National Bank. Under the terms of the merger agreement, Heartland shareholders received a combination of cash and stock, with the final consideration of approximately $111.2 million.
Heartland has been the dominant bank in Highlands County for many years. It had deposits of approximately $665.9 million and total consolidated net loans of approximately $156.6 million as of March 31, according to a news release from Seacoast.
“We are delighted to welcome Heartland’s customers and associates to Seacoast. Heartland is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships,” said Charles M. Shaffer, Seacoast’s Chairman and CEO. “We see a great opportunity to grow our presence in Central Florida by complementing Heartland’s strengths with Seacoast’s breadth of offerings. The combined franchise will continue to provide exceptional service for this growing market.”
Earlier this year in a conference call to announce the acquisition of Citizens First Bank, Shaffer made it clear that his goal is to make Seacoast the premier bank in the Sunshine State.
Seacoast’s purchase of The Villages’ bank surprised many customers of the Morse family-owned bank, which has been a cornerstone of Florida’s Friendliest Hometown for more than three decades. Seacoast is paying $710.8 million to purchase Citizens First Bank.
Seacoast began in Stuart and dates back to 1926. The bank survived the hardscrabble days of the Depression and has continued to grow through the years.