Heartland Financial USA, Inc. is a community bank holding company headquartered in Dubuque, Iowa, with assets of $6.7 billion. The company operates nine state chartered commercial banks serving the Midwestern states of Iowa, Illinois, Wisconsin, Minnesota, Kansas and Missouri, as well as the Western states of New Mexico, Arizona, Colorado and Montana. Heartland is currently in the process of acquiring Premier Valley Bank of Fresno, California, which will become the company's tenth charter.Kevin W. Ahern, Chairman and CEO of CIC Bancshares, Inc., will lead the combined institution. "Our board views this merger as an excellent move for the customers and stockholders of Centennial Bank," said Ahern. "As we considered our strategic direction, including the importance of identifying a potential quality merger partner, Heartland stood out as an excellent fit. We are pleased to partner with a strong company committed to face-to-face customer service and locally based community banking that will continue our tradition of strong community support. "This affiliation with the Heartland family of commercial banks will allow us to press forward with our strategic objectives for Centennial Bank and ensure we continue to inspire possibilities for our associates, clients, and communities. We believe our customers will benefit from this merger and gain access to a wide selection of convenient financial products and services," added Ahern. James L. Basey, Centennial Bank's President and CEO will also continue in his current role in the combined institution. "Since the creation of Centennial Bank in 2010, during the Great Recession, we have focused on generating strong organic growth," said Basey. "Joining with Heartland is an exceptional opportunity to further leverage our growth. We look forward to expanded lending capacity and enhanced technology with a focus on treasury management services, and significant backroom support from Heartland." "We are excited about the prospect of expanding the Heartland footprint in Colorado, an economically strong and vibrant region," said Lynn B. Fuller, Chairman and CEO of Heartland. "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.
"Centennial Bank brings a solid and experienced leadership team that will strengthen our position in Colorado. Kevin Ahern and James Basey are successful long-time bankers in the Colorado banking market and we are excited both will be joining our Colorado bank and the Heartland team, Fuller concluded. "To access an investor overview of the proposed transaction, visit www.htlf.com > Investor Relations > Presentations, or use this link: http://www.snl.com/irweblinkx/presentations.aspx?iid=1021344 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.
|CIC Bancshares/Centennial Bank||Summit Bank & Trust|
|Aimee Miller||John Rhoades, President and CEO|
|Aimee Miller Marketing and Communications||303-460-4754|