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.
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Centennial Bank was merged into Heartland’s Colorado-based subsidiary, Summit Bank & Trust, with the resulting institution now operating under the name Centennial Bank and Trust.
Kevin Ahern will serve as executive chairman of the board, John Rhoades as vice chairman of the board, Jim Basey as CEO and Steven Ward as president. Ward is moving to Centennial Bank and Trust from Heartland’s Illinois Bank & Trust subsidiary, where he has served as president and CEO for the past eight years.
As of Dec. 31, CIC Bancshares had assets of approximately $752 million, loans outstanding of $582 million and deposits of $656 million. The acquisition expands Heartland’s footprint in Colorado from three to 17 banking centers and nationally from 94 to 108 banking centers serving 12 states.
Heartland Financial USA has assets exceeding $8 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Piper Jaffray & Co. served as financial adviser to CIC Bancshares, and Bieging Shapiro & Barber LLP served as CIC Bancshares’ legal adviser. Panoramic Capital Advisors Inc. served as financial adviser to Heartland, and Dorsey & Whitney LLP served as Heartland’s legal adviser.
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…
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