Heartland Financial USA (HTLF) is bulking up in Wisconsin with a deal to acquire First Shares in Platteville for roughly $11 million in cash and stock.
Heartland, a multibank holding company headquartered in Dubuque, Iowa, will merge First Shares's First National Bank of Platteville into its Wisconsin Bank & Trust. The $4.4 billion-asset Heartland said in July that it would combine two of its banks under the name Wisconsin Bank & Trust by early September.
Heartland was attracted to the Platteville area because a university and medical center are located there and for its proximity to the agricultural market in southwest Wisconsin. First National, which has three branches, had roughly $130 million of assets, $88 million of loans and $114 million of deposits at June 30.
Under the agreement, about 60% of First Shares' outstanding stock will be exchanged for Heartland common stock and Heartland will pay the remainder in cash. The deal is expected to close in the fourth quarter.
Heartland has 64 branches throughout Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota. It recently purchased three branches in and around its hometown from Liberty Bank.