This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Heartland Financial USA, Inc. To Acquire Heritage Bank, N.A. In Phoenix, Arizona

Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has entered into a definitive agreement to acquire Heritage Bank, National Association, a Phoenix-based commercial bank. Heritage is a subsidiary of Ameri-National Corporation of Overland Park, Kansas. According to terms of the agreement, Heartland will acquire Heritage in an all-cash transaction valued at approximately $16 million. The purchase price represents a premium of approximately 1.24 times total equity and a premium on total deposits of 3.54 percent.

The transaction is subject to approval by bank regulatory authorities and expected to close on or before December 14, 2012. After that date, Heartland will operate Heritage Bank as a separate charter until late in the first quarter of 2013 when it expects to combine the Heritage charter with Heartland’s Arizona Bank & Trust subsidiary and complete the systems conversion. Heartland expects the transaction to be accretive to earnings in 2013.

“We are excited about the prospect of expanding further in the East Valley area of Phoenix,” said Lynn B. Fuller, president and CEO of Heartland. “The two branch offices of Heritage Bank are an excellent fit for our Arizona Bank & Trust locations in Tempe and on Camelback Road in Phoenix. These locations match our desire to ‘fill-in’ attractive areas in or close to our existing service areas.

“We are acquiring a talented team of local commercial banking professionals and staff with an excellent knowledge of the community and the clients they serve,” added Fuller.

"Among the many alternatives for merger partners, we found Heartland to be the most attractive,” said Jim Tinsman, Chairman of Ameri-National. “The company has an excellent reputation, is well-known as a forward-thinking business with a successful track record in acquisitions and an established presence in Phoenix.

“We believe our customers will be in very good hands going forward. Heartland’s Arizona Bank & Trust subsidiary is a perfect fit, with a strong orientation toward business and commercial clients along with a wide selection of financial products. This transaction is also good for Ameri-National as it allows us to focus more resources on our primary banking market in Kansas City,” added Tinsman.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs