Heartland Financial USA in Dubuque, Iowa, has agreed to buy Community Banc-Corp of Sheboygan in Wisconsin.
The $4.9 billion-asset Heartland will pay $52 million in stock for the $525 million-asset Community Banc-Corp. The deal is expected to be accretive to Heartland's earnings in 2015 and 2016, excluding merger-related expenses. The deal is expected to close in the first quarter.
Community Banc-Corp's bank also has $410 million in loans, $429 million in deposits and 10 branches.
"We are excited about the prospect of expanding further in Wisconsin," Lynn Fuller, Heartland's president and chief executive, said in a press release Thursday. "Community Bank & Trust is an excellent fit for our community banking business model, and its locations match our desire to 'fill-in' attractive areas in or close to our existing geographies. Community Bank & Trust is a profitable and financially sound bank that presents an excellent opportunity to build on its solid market share with business and retail customers."
