Heartland Financial finalizes acquisition of Centennial Bank

DENVER — Iowa-based Heartland Financial USA Inc. (Nasdaq: HTLF), the parent company of Summit Bank & Trust, which has branches in Broomfield, Erie and Thornton, announced on Monday that it has completed its acquisition of CIC Bancshares Inc. for $83.5 million.

CIC Bancshares is the parent company of Denver-based Centennial Bank, which has 14 locations in Colorado, including Boulder, Nederland and Denver.

The purchase price is subject to adjustments, with approximately 20 percent paid in cash and 80 percent in Heartland common stock.

Centennial Bank was merged into Heartland’s Colorado-based subsidiary, Summit Bank & Trust, with the resulting institution now operating under the…