logo
  Join        Login             Stock Quote

Heartland Financial (HTLF) Closes Purchase Of Heritage Bank In Phoenix, Arizona

 December 10, 2012 11:55 AM


(By Balaseshan) Heartland Financial USA Inc. (NASDAQ: HTLF) said it has completed the acquisition of Phoenix-based commercial bank Heritage Bank N.A. for about $15.6 million in cash from Ameri-National Corp. of Overland Park, Kansas.

The purchase price represents a premium of about 1.24 times total equity and a premium on total deposits of 3.56%. Heartland expects the transaction to be accretive to earnings in 2013.

As of September 30, 2012,Heritage had assets of approximately $107 million, loans of $73 million and deposits of $84 million. The acquisition expands the number of Heartland banking locations in the Phoenix, Arizona market from seven to nine.

Heartland will operate Heritage Bank as a separate charter until late in the first quarter of 2013 when it expects to combine the Heritage charter with Heartland's Arizona Bank & Trust subsidiary and complete the systems conversion.

Stifel Nicolaus Weisel acted as financial advisor to Heartland and The Hovde Group acted as financial advisor to Ameri-National Corp.

Heartland Financial 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 in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota and mortgage loan production offices in California, Nevada, Wyoming, Idaho and North Dakota.

HTLF is trading up 0.12% at $26.17 on Monday. The stock has been trading between $14.53 and $29.01 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageIn A World Of Artificial Liquidity – Cash Is King

It's more crucial now than ever for people to consider extracting a portion of cash from their bank read on...

article imageDid The IMF Provide Support To Syriza?

The IMF published yesterday a preliminary analysis on the debt sustainability of the Greek read on...

article image3 Defensive Stocks Offering Safety, Yield In A Turbulent Market

The world can be a scary place to invest these days. Greece can't pay its debts, Russia is a mess, China's read on...

article imageFour Stocks in the Dow Making Fresh 52 Week Lows

“What gets weak tends to get weaker; what gets strong tends to get read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.