DENVER — Denver-based Centennial Bank and Trust, a subsidiary of Heartland Financial USA Inc., and Aurora-based Citywide Banks, a wholly owned subsidiary of Citywide Banks of Colorado Inc., said Monday that their parent companies have completed the merger of Citywide into Heartland in a stock and cash transaction valued at approximately $211 million.
When the merger was announced in February, the deal was valued at $203 million.
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Citywide Banks will be merged into Centennial Bank and Trust, with the resulting institution operating under the Citywide Banks brand.
The final price was based on Heartland’s closing stock price of $47.45 per share as of July 7. The merger consideration is approximately $216.75 per share of Citywide common stock, with Citywide shareholders receiving $60.16 in cash and about 3.30 shares of Heartland common stock for each share of Citywide common stock.
Citywide Banks is a 53-year-old commercial bank that operates 12 banking centers across metro Denver and Boulder. Centennial Bank and Trust has 17 locations across Colorado, including Boulder, Broomfield and Erie.
The combined Citywide Banks organization will be led by Kevin Quinn as president and chief executive. The remainder of the leadership team will be made up of Centennial Bank and Trust, and Citywide Banks executives. Current Centennial Bank and Trust president Steve Ward will work with Quinn to blend the credit and operating cultures of the two organizations. After the systems’ conversion, Ward will remain with Heartland in an executive role.
Kevin Ahern will remain chairman of the combined entity, and Jim Basey will serve as vice chairman of the board, supporting Quinn in his expanded role. Marty and Jeff Schmitz will remain on the board of the combined entity.