Heartland Financial USA of Dubuque, Iowa, plans to acquire a $120 million-asset New Mexico bank for an undisclosed sum.
Heartland, a $1.1 billion-asset bank holding company, said last week that it wants to merge First National Bank of Clovis, N.M., with another bank it owns in Albuquerque. That institution, New Mexico Bank and Trust, was formed in May 1998 with a single location and has grown to three branches with $70 million of assets.
Heartland operates five banks with 19 branches in Iowa, Illinois, and Wisconsin. Chief financial officer John K. Schmidt said the New Mexico acquisition diversifies Heartland.
"This way we don't have all our eggs in one basket," Mr. Schmidt said. "We have the Southwest to provide a bit of balance."