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Heartland Financial (HTLF) Closes Acquisition Of First Shares In Platteville, Wisconsin

 November 19, 2012 12:30 PM


(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.

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.

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.

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