Bank M&A 2025 Deal Tracker: Seacoast strikes its 5th-largest deal since 2014

Nineteen US bank deals worth a combined $985.5 million were announced in 2025 through Feb. 28, compared to 21 bank deals with an aggregate value of $653.8 million over the same period in 2024.

One of the transactions announced in February was the proposed acquisition of Sebring, Florida-based Heartland Bancshares Inc. by serial acquirer Seacoast Banking Corp. of Florida. Stuart, Florida-based Seacoast said Feb. 27 that it plans to acquire Heartland Bancshares for $109.7 million, marking its fifth-largest M&A deal among its 16 bank purchases since 2014, according to S&P Global Market Intelligence data.

Seacoast dubbed its latest deal its "cleanest" acquisition, praising Heartland Bancshares' borrower base and credit profile.

Seacoast Chairman and CEO Charles Shaffer said in a call that the company remains open to more M&A in 2025. The executive noted that Seacoast's M&A strategy focuses primarily on private banks in Florida with assets between $500 million and $4 billion.

Banks targeted in Texas

Of the five bank deals announced in February, two targeted institutions headquartered in Texas.

San Antonio-based Lone Star Capital Bank NA agreed to merge with McAllen, Texas-based Rio Bank, a subsidiary of Rio Financial Services Inc., in a deal that was announced Feb. 20. Upon completion of the transaction, the combined bank is expected to have roughly $1.4 billion in total assets.

On Feb. 21, Texas-based Yoakum National BancShares Inc. announced its plan to buy in-state peer Ganado Bancshares Inc., aiming to leverage the acquisition for balance sheet optimization and future growth.

Other deals announced in February

On Feb. 25, Aurora, Illinois-based Old Second Bancorp Inc. disclosed its planned acquisition of Oak Brook, Illinois-based Bancorp Financial Inc. for $196.5 million, making the transaction the third-largest US bank M&A deal announced so far in 2025.

The transaction also marks the fourth bank target headquartered in Illinois this year, making it the most targeted state.

Old Second Bancorp COO and CFO Bradley Adams said in a Feb. 25 call with investors that the company will consider further capital deployment opportunities, including additional M&A, after its latest bank acquisition.

On Feb. 13, Newport Beach, California-based Genesis Bank announced its plan to acquire Beverly Hills, California-based EH National Bank. Genesis Bank is working on more potential acquisitions, aiming to capitalize on opportunities arising from high interest rates, as well as the liquidity crisis and bank failures in 2023, according to Founding Chairman and CEO Stephen Gordon.

California has had three banks targeted so far in 2025, tying it with Texas as the second-most targeted state.

– Access a list of pending and completed M&A deals announced since Jan. 1, 2015. – Access the S&P Capital IQ Pro M&A summary page for US financial institutions. – Read more M&A news.

M&A outlook

Recent measures by the Trump administration could derail the anticipated rebound of US bank M&A activity in 2025, Seaport Global Securities analyst Laurie Havener Hunsicker wrote in a Feb. 3 note.

Executives at Glacier Bancorp Inc. and Cadence Bank, two of the most acquisitive banks in recent years, said they are optimistic on the future of dealmaking, citing favorable regulatory outlook as a contributor to the positive sentiment.