Heartland Financial to acquire CIC Bancshares for $83.5m
Heartland Financial USA has entered into a definitive merger agreement to acquire CIC Bancshares in a deal worth $83.5m.
As per the agreed terms, the acquisition amount will be paid in a combination of cash and common stock.
CIC Bancshares is the parent company of Colorado-based Centennial Bank, which has close to $722m worth of assets, loans of $551m and deposits of $638m as of 30 June this year.
Centennial operates 14 Colorado locations including four offices in the Denver-Aurora-Lakewood MSA.
Subject to approvals by shareholders of CIC Bancshares and bank regulatory authorities, the acquisition is expected to be completed in the first quarter of 2016.
Prior to this deal, Heartland Financial inked a definitive merger agreement with Premier Valley Bank in May this year.
Upon completion of CIC Bancshares and pending Premier Valley Bank transactions, Heartland will have 108 full-service banking locations.
Heartland chairman and CEO Lynn B. Fuller said: "We are excited about the prospect of expanding the Heartland footprint in Colorado, an economically strong and vibrant region.
"Centennial Bank is an excellent fit for our community banking business model, and its locations significantly expand our presence in the Front Range of Colorado into Denver and attractive mountain communities. Centennial is a healthy bank that presents excellent opportunity to build on its solid market share with business and retail customers."
Heartland currently has 89 banking locations in 66 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri and Texas, with mortgage loan production offices in California, Nevada and Idaho.
Image: Heartland Financial CEO Lynn B. Fuller. Photo: courtesy of Business Wire/ Heartland Financial USA.