Heartland Financial USA Inc. in Dubuque, Iowa was approved for up to $81.7 million in the Small Business Lending Fund, the largest amount publicly announced.
The $4 billion-asset company said Tuesday that it will use the funds to redeem its $81.7 million in preferred stock from the Treasury Department as part of the Troubled Asset Relief Program. Heartland has already paid $13.5 million in dividends to the Treasury. The Treasury also holds a warrant that Heartland said it intends to ask to repurchase.
Heartland said it expects to close the SBLF transaction by Sept. 30.