DUBUQUE, Iowa, Dec. 07, 2020 (GLOBE NEWSWIRE) — Heartland Financial USA, Inc. (HTLF) (“Heartland”) (NASDAQ: HTLF) announced today that Arizona Bank & Trust, a wholly-owned subsidiary of Heartland, headquartered in Phoenix, Arizona, completed its acquisition of Johnson Bank’s Arizona branches at the close of business on December 4, 2020. Johnson Bank is a wholly-owned subsidiary of Johnson Financial Group, Inc., headquartered in Racine, Wisconsin.
At the closing of the transaction, AB&T acquired Johnson Bank’s four Arizona banking centers, gross loans of approximately $150 million, and certain other assets, and assumed substantially all of the branch deposits of approximately $400 million. As of September 30, 2020, AB&T had assets of approximately $1.0 billion, gross loans of $679 million and deposits of $886 million. The transaction expands the number of AB&T full-service banking centers from six to 10 in the East Valley of the Phoenix market. AB&T will continue to operate under the Arizona Bank & Trust brand.
After completing the acquisition of Johnson Bank’s four Arizona branches and the previously announced acquisition of AimBank in Levelland, Texas, which also closed on December 4, 2020, Heartland will have total assets of almost $18 billion with more than 140 full-service banking locations operating in 12 states.
“The completion of this transaction in the Phoenix market is an important part of our growth strategy and building scale within our existing footprint,” said Bruce Lee, Heartland’s President and CEO. “We are pleased to expand the Arizona Bank & Trust’s team and geographic footprint. We look forward to strengthening existing relationships, building new ones, and continuing to enrich our customer experiences and communities.”
Advisors:
In connection with the transaction, Panoramic Capital Advisors, Inc. served as Heartland’s financial advisor and Dorsey & Whitney LLP served as Heartland’s legal counsel. Keefe, Bruyette & Woods served as JFG’s financial advisor and Reinhart Boerner Van Deuren s.c. served as JFG’s legal counsel.
About Heartland Financial USA, Inc.
Heartland is a diversified financial services company with assets of $15.6 billion as of September 30, 2020. Heartland provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. As of September 30, 2020, Heartland had 113 banking locations serving 82 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland is available at www.htlf.com.
About Arizona Bank & Trust
Arizona Bank & Trust, a wholly-owned subsidiary of Heartland, is a full-service commercial bank with assets of approximately $1.0 billion as of September 30, 2020. Arizona Bank & Trust operates six banking centers across the vibrant Phoenix market. AB&T blends the intimacy and responsiveness of a community bank with the resources of a large financial services company. For more information, visit www.arizbank.com. AB&T is a member of the FDIC and an Equal Housing Lender.
