State banking board OKs Heartland acquisition of CIC Bancshares
DENVER — The Colorado State Banking Board on Thursday approved Heartland Financial USA Inc.’s (Nasdaq: HTLF) acquisition of CIC Bancshares Inc., parent company of Centennial Bank and its 14 locations in Colorado, including Boulder, Nederland and Denver.
Heartland is the parent company of Summit Bank & Trust, which has branches in Broomfield, Erie and Thornton.
The deal was announced in October and valued at $83.5 million. About 20 percent will be payable in cash, and the remaining 80 percent will be paid by issuing Heartland common stock.
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Amy Miller, a spokeswoman for CIC Bancshares, said the deal still must be approved by CIC Bancshares’ shareholders who will vote in February.
If approved, Centennial Bank will be merged into Heartland’s Colorado-based subsidiary, Summit Bank and Trust, and the resulting institution will operate under the Centennial Bank name.
Kevin Ahern will continue to be executive chairman of Centennial Bank, and Jim Basey will continue as president and chief executive.
Centennial Bank had $722 million is assets as of June 30.
Heartland Financial is based in Dubuque, Iowa. It is a $6.7 billion financial services company that provides banking, mortgage, private-client, investment, insurance and consumer-finance services to individuals and businesses.
It operates 10 state-chartered commercial banks in Iowa, Illinois, Wisconsin, Minnesota, Kansas, Missouri, New Mexico, Arizona, Colorado and Montana.
In April, Heartland acquired Community Bancorp. of New Mexico for $11.3 million.
DENVER — The Colorado State Banking Board on Thursday approved Heartland Financial USA Inc.’s (Nasdaq: HTLF) acquisition of CIC Bancshares Inc., parent company of Centennial Bank and its 14 locations in Colorado, including Boulder, Nederland and Denver.
Heartland is the parent company of Summit Bank & Trust, which has branches in Broomfield, Erie and Thornton.
The deal was announced in October and valued at $83.5 million. About 20 percent will be payable in cash, and the remaining 80 percent will be paid by issuing Heartland common stock.
Amy Miller, a spokeswoman for CIC Bancshares, said the…
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