Heartland to buy Arizona branches from Johnson Financial

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Heartland Financial USA in Dubuque, Iowa, has agreed to buy four branches in Arizona from Johnson Financial Group in Racine, Wis.

The $13.3 billion-asset Heartland said in a press release Tuesday that its Arizona Bank & Trust unit will also obtain deposits and loans from the deal. The branches are in Phoenix and Scottsdale.

The deal is expected to close in the fourth quarter. Heartland did not disclose the price.

The Arizona branches had $186 million in loans and $362 million in deposits on March 31. Heartland said the amount of deposits its bank will assume, and the loans it will acquire, will be determined at closing.

“We are growing our presence and adding additional scale in the Phoenix market,” Lynn Fuller, Heartland’s chairman, said in the release. “We are pleased Johnson Bank’s Arizona team will be joining with the Arizona Bank & Trust team to expand and continue our success in this market.”

Panoramic Capital Advisors and Dorsey & Whitney advised Heartland. Keefe, Bruyette & Woods and Reinhart Boerner Van Deuren advised Johnson Financial.

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