Heartland Financial (HTLF) in Dubuque, Iowa, has purchased a bank of River Valley Bancorp in Davenport, Iowa.
Heartland said late last week that one of its banks bought the $67 million-asset Freedom Bank in Sterling, Ill., through a negotiated transfer of ownership. Heartland did not disclose terms for the deal, which has already been approved by regulators and the boards of both companies.
Freedom, which has three branches, will initially be an independent unit of the $5.7 billion-asset Heartland. Heartland said it plans to apply to merge Freedom into its Riverside Community Bank, which is based in Rockford, Ill., early next year.
Freedoms three offices expand our reach and create an opportunity for the Heartland organization to enhance the range of services that Freedom provides to business, agri-business and consumer banking clientele, Heartland Chief Executive Lynn Fuller said in a press release.
River Valley has two banks, the largest of which is the $564 million-asset Valley Bank in Rockford, Ill.