Heartland BancCorp, the holding company for Heartland Bank of Ohio, has completed the acquisition of Northern Kentucky/ Cincinnati-focused Victory Community Bank of Kentucky.
As per the terms of the agreement, first announced in December, Victory Bancorp received 58,934 shares of Heartland common stock and nearly $35.5m in cash.
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As of 31 December 2019, Victory Community Bank had $181m in total assets, $147m in loans, and $137m in deposits.
It has offices located in Boone, Kenton and Campbell counties in Kentucky, US.
Heartland BancCorp chairman and CEO Scott McComb said: “We welcome Victory Community Bank’s customers and employees to the Heartland family.
“This merger expands our presence throughout Northern Kentucky and Cincinnati, and complements Heartland’s franchise.
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By GlobalData“We are excited to join with the Victory Team and deliver quality community banking services to this vibrant market area.”
Victory Mortgage, a former mortgage lending arm of Victory Community Bank, has offices in Louisville, Columbus, Indianapolis and Atlanta.
Post-acquisition, Victory Mortgage will also provide certain products and services to Heartland Bank as per the deal terms.
Founded in 1911, Heartland Bank provides full-service commercial, small business, and consumer banking services.
It also provides professional financial planning services among other financial products and services.
As a registered Ohio bank holding company, Heartland BancCorp currently operates 19 full-service banking offices.
