Seacoast Banking Corporation of Florida (NASDAQ:SBCF) recently disclosed the acquisition of Villages Bancorporation, Inc. (VBI), the parent company of Citizens First Bank, for an estimated $710.8 million.
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Through a proration mechanism, VBI stockholders will get a combination of $1,000 in cash and 38.5 Seacoast Banking Corporation of Florida (NASDAQ:SBCF) shares per share, guaranteeing 25% cash and 75% stock. The transaction is scheduled to wrap up in Q4 2025 and be 22% EPS accretive by 2026, with a tangible book value earnback in less than three years.
VBI has $1.3 billion in loans, $3.5 billion in deposits, and $4.1 billion in assets throughout its 19 branches. It owns a deposit share of more than 50% in the Wildwood-The Villages MSA. The Villages, a high-growth Florida town of 150,000 people, offers a strategic expansion opportunity.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF) will have $21 billion in pro forma assets after the VBI and Heartland Bancshares transactions.
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