The acquisition of CIC Bancshares, parent of Denver-based Centennial Bank, by Heartland Financial has received the go-ahead from the Colorado State Banking Board.
Heartland Financial agreed to the $83.5m deal in October 2015. Under the terms of the deal, nearly 20% of the amount will be paid in cash, while 80% of the amount will be paid in Heartland common stock.
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The deal, now subject to shareholder approval, is scheduled to close during the first quarter of 2016.
Following the completion of transaction, Centennial Bank will be merged into Heartland’s Colorado-based subsidiary Summit Bank & Trust. The combined entity will operate under the Centennial Bank name.
Centennial comprises 14 Colorado locations including four offices in the Denver-Aurora-Lakewood MSA. As of 30 June 2015, the bank managed about $722m in assets, $551m in loans and $638m in deposits.
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