Parent company of Summit Bank & Trust buying New Mexico banks

Heartland Financial USA Inc. (Nasdaq: HTLF) the parent company of Summit Bank & Trust, which as branches in Broomfield, Erie and Thornton, announced Thursday that it plans to acquire Community Bancorporation of New Mexico Inc. in a cash transaction valued at $11.3 million.

Community Bancorp. operates as Community Bank in New Mexico in Sante Fe, Espanola, Los Alamos, Tierra Amarilla and Albuquerque. Community Bank will be merged into Heartland’s  New Mexico Bank & Trust subsidiary.

The deal has been approved by boards of directors at both companies and awaits approval from bank regulators and each bank’s shareholders.

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On Dec. 31, Community Bank had assets of approximately $181 million, loans outstanding of $108 million and deposits of $154 million. The deal is expected to close during the third quarter of this year.

“We are excited about the prospect of expanding our New Mexico franchise,” said Lynn B. Fuller, chairman and CEO of Heartland, in a prepared statement

Heartland currently has 86 banking locations in 63 communities in Iowa where it is based, Colorado, Illinois, Wisconsin, New Mexico, Arizona, Montana, Minnesota, Kansas and Missouri, and loan production offices in California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and Nebraska.