(By Balaseshan) Heartland Financial USA Inc. (NASDAQ: HTLF) said it has completed acquisition of First Shares Inc. (FSI), parent company of First National Bank of Platteville in Platteville, Wisconsin.
The merger agreement, which received shareholder approval on November 2 and all regulatory approvals, provides for all outstanding shares of FSI to be converted into a combination of cash and shares of Heartland common stock.
Based on the 30-day average closing price of Heartland common shares, FSI shareholders will receive 0.8677 shares of Heartland and $18.37 in cash for each FSI share tendered. The aggregate purchase price was $10.9 million.
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Simultaneous with closing of the transaction, First National Bank has been merged into Heartland's Wisconsin Bank & Trust subsidiary.
The transaction included assets of about $129 million, loans of $88 million and deposits of $113 million as of September 30, 2012. Prior to the transaction closing, Wisconsin Bank & Trust had assets of $512 million, loans of $356 million and deposits of $424 million.
The merger expands the number of Wisconsin Bank & Trust locations from seven to ten and adds three communities in southwestern Wisconsin to the bank's service area.
Heartland is a $4.6 billion diversified financial services company providing commercial and retail banking, residential mortgage, wealth management, investment services, insurance and consumer finance services. Heartland currently has 68 banking locations in 46 communities.
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HTLF is trading up 1.61% at $25.92 on Monday. The stock has been trading between $13.10 and $29.01 for the past 52 weeks.