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Continues Seacoast's Successful M&A Strategy, Expanding its Footprint into Attractive Market Known as The Villages
Adds a Unique and Valuable Franchise with a Strong Core Deposit Base and Stable Cost of Funds
Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ:SBCF), the holding company for Seacoast National Bank ("Seacoast Bank"), announced today that it has signed a definitive agreement to acquire Villages Bancorporation, Inc. ("VBI"), parent company of Citizens First Bank based in The Villages, FL.
The Villages is a unique planned community in Central Florida, with one of the highest population growth rates in the United States. The Villages community is home to approximately 150,000 residents in over 77,000 homes spanning 60,000 acres with more than 6 million square feet of commercial space and a 97% average occupancy rate. VBI is the 11th largest bank in the state of Florida with $4.1 billion in assets as of March 31, 2025. VBI operates 19 branches with deposits of approximately $3.5 billion and loans of approximately $1.3 billion as of March 31, 2025. As the only community-focused bank deeply integrated into The Villages, VBI has a leading deposit share of over 50% in the Wildwood-The Villages MSA. Following completion of this transaction and the recently announced Heartland Bancshares, Inc. acquisition, Seacoast will have pro forma total assets of $21 billion, total deposits of $17 billion and gross loans of $12 billion, based on financial data as of March 31, 2025.
Posted In: SBCF
