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Heartland Financial buying bank in Illinois

Heartland Financial in Dubuque, Iowa, has agreed to buy Rockford Bank and Trust in Illinois.

The $12.2 billion-asset Heartland said in a press release Tuesday that it will pay QCR Holdings, Rockford’s parent company, $59.2 million in cash, subject to adjustment, for the $523 million-asset bank. The deal is expected to close in the fourth quarter.

Rockford Bank, which will be merged into Heartland’s Illinois Bank & Trust, has two branches, $453 million in deposits and $423 million in loans.

Thomas Budd, Rockford Bank’s president and CEO, will become Illinois Bank’s president.

“We are growing our presence and adding additional scale in the Rockford market, where we have been quite successful,” Lynn Fuller, Heartland’s executive operating chairman, said in the release. Rockford Bank “is an excellent fit for our community banking business model.”

The $5.2 billion-asset QCR will still own several banks after selling Rockland Bank.

Panoramic Capital Advisors and Dorsey & Whitney advised Heartland. Barack Ferrazzano Kirschbaum & Nagelberg advised QCR.

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