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Heartland Financial USA Inc Completes Purchase Of Heritage Bank, N.A. In Phoenix, Arizona

Monday, 10 Dec 2012 09:00am EST 

Heartland Financial USA Inc announced that it has closed on the purchase of Heritage Bank, National Association, a Phoenix-based commercial bank. Heritage Bank was previously a subsidiary of Ameri-National Corporation of Overland Park, Kansas. Heartland acquired Heritage in an all-cash transaction valued at approximately $15.6 million. The purchase price represents a premium of approximately 1.24 times total equity and a premium on total deposits of 3.56 percent. 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. 

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