Heartland in Iowa sells two consumer finance businesses
Heartland Financial USA in Dubuque, Iowa, has sold two consumer finance units.
The $11.3 billion-asset company said in a press release Friday that it sold Citizens Finance and Citizens Finance of Illinois to American Credit Acceptance in Spartanburg, S.C., for $70 million.
Heartland said the sales are not expected to have a material effect on its financial results.
“Over the past five years, Heartland has strategically focused on growing and expanding its community banking businesses,” Bruce Lee, Heartland’s president and CEO, said in the release. “Our decision to exit the consumer finance business will allow us to sharpen our focus on our core businesses and execute on our strategic priorities.”
Heartland said that Citizens’ 14 offices — in Iowa, Illinois and Wisconsin — will remain open through January to assist customers with the transition to American Credit Acceptance.
Sandler O’Neill and Barack Ferrazzano Kirschbaum & Nagelberg advised Heartland.