Heartland Financial in Dubuque, Iowa, is looking to raise $53.5 million through a public offering.

The $8-billion asset company said in a press release Tuesday that it is planning to sell 1.4 million shares of common stock at $38.25 each.

The company said it expects to use the $53.5 million in proceeds for general corporate purposes that may include working capital, debt repayment or financing potential acquisitions, among other things.

Heartland on Monday agreed to buy the $199 million-asset Founders Bancorp in San Luis Obispo, Calif., for $29.1 million in cash and stock. The deal is expected to close in the first quarter.

Raymond James is the sole underwriter for the public offering.


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