HEARTLAND COMPLETES ACQUISITION OF CIC BANCSHARES, INC. IN DENVER, COLORADO.
Dubuque, Iowa: Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has completed its acquisition of CIC Bancshares, Inc., parent company of Centennial Bank, headquartered in Denver Colorado.
The aggregate purchase price was $83.5 million, subject to certain adjustments, with approximately 20 percent of the consideration paid in cash and 80 percent in HTLF common stock. Heartland expects the transaction to be accretive to earnings in the first full year following the systems integration, which is planned for mid-2016.
Simultaneous with closing of the transaction, Centennial Bank was merged into Heartland's Colorado-based subsidiary, Summit Bank & Trust, with the resulting institution now operating under the name Centennial Bank and Trust. The management team is led by Kevin Ahern who serves as Executive Chairman of the Board, John Rhoades as Vice-Chairman of the Board, Jim Basey as Chief Executive Officer and Steven Ward as President. Ward is moving to Centennial Bank and Trust from Heartland's Illinois Bank & Trust subsidiary, where he has served as President and CEO for the past eight years.
As of December 31, 2015, CIC Bancshares had assets of approximately $752 million, loans outstanding of $582 million and deposits of $656 million. The acquisition expands Heartland's footprint in Colorado from 3 to 17 banking centers and nationally from 94 to 108 banking centers serving 12 states.
Piper Jaffray & Co. served as financial advisor to CIC Bancshares and Bieging Shapiro & Barber LLP served as CIC Bancshares' legal advisor. Panoramic Capital Advisors Inc. served as financial advisor to Heartland, and Dorsey & Whitney LLP served as Heartland's legal advisor.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Feb 18, 2016|
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