US-based Heartland Financial USA has signed a deal to acquire AIM Bancshares and its subsidiary AimBank in a stock-and-cash deal for about $280.4m.
The deal has been unanimously approved by the board of directors of both the firms.
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Terms of the deal:
AimBank will be merged completely into FirstBank & Trust (FB&T), an existing subsidiary of Heartland Financial.
The shareholders of ABI will receive 5,083,000 Heartland shares in the aggregate and $685.00 in cash for each share of ABI common stock held.
Upon completion of the deal, Heartland will have about $15bn in total assets with 140 full-service banking locations in 12 US states.
FB&T is valued at about $1.14bn in total assets as of 31 December last year and has eight operating branches in West Texas.
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By GlobalDataAimBank has 25 branches across West Texas and New Mexico, with $1.78bn in total assets, $1.16bn in net outstanding loans and $1.54bn in deposits, as of 31 December 2019.
The combination of AimBank and FirstBank & Trust will have 33 banking centers across the US and almost $3bn in assets.
The bank subsidiary will operate under FB&T name.
Heartland president and CEO Bruce Lee said: “AimBank has had remarkable growth both organically and through acquisitions while maintaining its efficiency.
“We are pleased the AimBank team will be joining with the FirstBank & Trust team to expand and continue our success in the market.”
FB&T chairman and CEO Barry Orr said: “The leadership teams of our two institutions will be integrally working together to preserve our commitment to a quality customer experience.”
AimBank chairman and CEO Scott Wade said: “The combination of AimBank with the Heartland family of community banks significantly increases our lending capabilities and gives us access to products and services offered by larger banks while preserving our legacy as a locally-led community bank.”
Subject to receipt of regulatory approval, the transaction is expected to be completed by the third quarter of this year.
