Key Developments For Heartland Financial USA, Inc.
Heartland Financial USA, Inc. (HTLF.O) (Nasdaq)
Heartland Financial Acquires the Elizabeth State Bank Through Its Subsidiary Galena State Bank & Trust Co.
Heartland Financial announced that is has acquired all deposits of The Elizabeth State Bank in Elizabeth, Ill. through its subsidiary Galena State Bank based in Galena, Ill. in a loss-share transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). Bank branches previously owned and operated by Elizabeth State Bank will reopen on July 6, 2009 as Galena State Bank branches. Customers of Elizabeth State Bank should continue to bank as usual at their Elizabeth and Galena branches As of April 30, 2009, The Elizabeth State Bank had loans of approximately $43 million and total deposits of approximately $48 million. Galena State Bank and Trust paid a premium of 1.0% to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Galena State Bank and Trust agreed to purchase approximately $52.3 million of assets. The FDIC will retain the remaining assets for later disposition. The terms of the transaction were not disclosed.
Heartland Financial Expands Stock Repurchase Program
Heartland Financial announced that its Board of Directors has authorized an expansion of the Company's treasury stock holdings from 250,000 to 500,000 shares effective January 24, 2008.
Heartland Financial's Rocky Mountain Bank Completes Sale Of Broadus Branch
Heartland Financial announced that its Montana subsidiary, Rocky Mountain Bank, has closed the sale of its branch banking office located in Broadus, Montana to first Bank of Sidney, Montana at a premium of approximately $2.6 million.
Heartland Financial's Rocky Mountain Bank To Sell Branch Office In Broadus, Montana
Heartland Financial announced that its Montana subsidiary, Rocky Mountain Bank, has reached agreement with 1st Bank of Sidney, Montana to sell a branch banking office located in Broadus, Montana in a cash transaction. The transaction is scheduled to close in mid-2007.
Heartland Financial Completes Sale of Leasing Subsidiary
Heartland Financial announced that it has completed the sale of its leasing subsidiary, ULTEA, to ALD Automotive and settled all outstanding litigation related to the transaction. ALD automotive is a wholly owned subsidiary of Societe Generale Group. Under terms of the agreement, the transaction price was not disclosed.
