07:17 AM EST, 02/28/2025 (MT Newswires) -- Seacoast Banking Florida (SBCF) said Friday it has agreed to acquire Heartland Bancshares, the parent company of Heartland National Bank, in a transaction valued at about $110 million to expand its presence in Central Florida.

The company said the transaction, expected to close Q3, would be 7% accretive to its earnings per share by 2026, with modest dilution to tangible book value.

Under the agreement, the company said each share of Heartland common stock would be converted at closing into the right to receive $147.10 in cash, 4.9164 shares of Seacoast common stock, or a 50-50 combination of cash and common stock.

Heartland operates four branches with $641 million in deposits and $161 million in loans as of Dec. 31, 2024, the company said.

Shares of Seacoast fell nearly 25% in recent premarket trading.

Price: 21.01, Change: -6.90, Percent Change: -24.72