Heartland BancCorp in Whitehall, Ohio, has raised $30 million in a private placement.
The proceeds are earmarked for corporate purposes, including supporting organic growth, funding potential expansions, adding products and services, and repaying debt, the $1 billion-asset company said in a press release this week.
Heartland reported net income of $8.3 million in the first nine months of the year, up 22% from the same period last year. In September, it agreed to buy TransCounty Title Agency, which provides commercial and residential title and escrow services. The stated goal of the acquisition was to generate noninterest income.
“The success of this capital raise is a reflection of the strong financial performance of our company, the dedication of our board, management and associates, and the execution of our business plan,” Scott McComb, the company’s chairman and CEO, said in the release. “This additional capital will significantly enhance our strategic capabilities to grow our franchise and support the needs of our customers.”
D.A. Davidson served as the placement agent and as financial adviser. Hunton Andrews Kurth provided legal counsel to Heartland, and Squire Patton Boggs provided legal counsel to the placement agent.
