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."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.