Heartland Financial USA in Dubuque, Iowa, has completed its acquisition of CIC Bancshares in Denver and made related executive moves.

Heartland said it paid $83.5 million for CIC, the parent of Centennial Bank in Denver. 

With the closing, Centennial Bank was merged with Summit Bank and Trust in Bloomfield, Colo. The combined entity is Centennial Bank and Trust, the $8 billion-asset Heartland said Monday.

Steven Ward, who for the past eight years has been president and chief executive of another Heartland subsidiary, the $757 million-asset Illinois Bank & Trust in Rockford, was named Centennial's president, the Denver bank said Monday.

Jeff Hultman was promoted from market president to president and CEO of Illinois Bank & Trust, the subsidiary said Monday. Hultman joined the bank in 2011 as executive vice president of commercial, treasury management and private banking after working for JPMorgan Chase.

Before joining Illinois Bank & Trust, Ward was senior vice president and regional president at Amcore Bank. Previously he was first vice president of underwriting at American National Bank and Trust Co. in Chicago.

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