Heartland Completes First Shares Deal

A unit of Heartland Financial USA (HTLF) in Dubuque, Iowa, has completed its acquisition of First Shares in Platteville, Wis., for $10.9 million. 

Shareholders approved the deal in early November, Heartland said Monday. The $130 million-asset First Shares' First National Bank of Platteville has been merged into Heartland's Wisconsin Bank & Trust.

The acquisition expands Wisconsin Bank & Trust's branches from seven to 10 and adds southwestern Wisconsin to the bank's service area. First Shares had assets of roughly $129 million, loans of $88 million and deposits of $113 million as of Sept. 30.

It "fills in our presence close to our current locations in Monroe and Madison," Kevin Tenpas, president of Wisconsin Bank & Trust, said in a news release. "We anticipate continued growth in our agricultural lending programs and believe existing customers of First National Bank of Platteville, both retail and commercial, will benefit from the merger. We offer a wide selection of products and services."

The merger, which was announced in August, called for all outstanding shares of First Shares to converted into a combination of cash and shares of Heartland common stock. Based on the 30-day closing price of Heartland common shares, First Shares shareholders got 0.8677 shares of Heartland and $18.37 in cash for each First Shares stock.

The $4.5 billion-asset Heartland has been an active acquirer this year. Last month the company said it would buy Heritage Bank in Phoenix for $16 million in cash. It bought three branches in May from Liberty Bank in West Des Moines, Iowa.