Heartland Financial USA has signed a definitive merger agreement to acquire Texas-based First Bank Lubbock Bancshares (FBLB) and its wholly-owned subsidiary FirstBank & Trust in a stock-cash transaction valued at nearly $185.6m.

FirstBank & Trust is a commercial and retail bank with nearly $930m in total assets, $652m in net loans outstanding and $824m in deposits as of 30 September 2017.

It has eight full-service branches throughout the west Texas.

The bank also offers mortgage lending services through its wholly-owned subsidiary PrimeWest Mortgage.

Heartland chairman and CEO Lynn Fuller said: “We are highly impressed with the people and performance of FirstBank & Trust and the solid community banking franchise they have built in Lubbock.

“When we first became acquainted over two years ago, it was immediately apparent that a partnership with FirstBank & Trust would be an excellent way for us to establish a sizable presence in Texas and a platform for further expansion.

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“With our well established and growing New Mexico franchise, acquiring FirstBank & Trust is a natural transition into West Texas.”

Following the completion of the merger, FirstBank & Trust will become a wholly-owned subsidiary of Heartland. It will continue to operate under its present brand and management team as Heartland’s 11th state-chartered bank.

The transaction is the second merger announcement for Heartland within the last 30 days. Earlier, it announced to acquire Signature Bancshares in Minnetonka.

After the closing of the two deals, Heartland will have assets of nearly $11.5bn with 126 full-service banking locations across 12 states.