Heartland Financial USA has completed the acquisition of Blue Valley Ban Corp (BVBC) and its wholly-owned subsidiary Bank of Blue Valley.
Bank of Blue Valley has now been merged with and into Heartland’s Kansas-based subsidiary Morrill & Janes Bank and Trust Company.
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Blue Valley Ban Corp acquisition
In January this year, Heartland Financial USA signed a definitive agreement to acquire BVBC through a 100% stock transaction.
Under the terms of the acquisition, BVBC common shareholders received 0.3271 shares of Heartland common stock for each BVBC common stock share.
During the announcement, the transaction was said to be valued at nearly $93.9m.
The merged entity will operate as Bank of Blue Valley. It will be led by Robert Regnier as executive chairman and CEO.
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By GlobalDataMorrill & Janes Bank president and CEO Wendy Reynolds will be the president of the combined bank.
The integration of system infrastructure of the two banks is expected to be achieved by the third quarter of this year.
Heartland executive operating chairman Lynn Fuller said: “Bank of Blue Valley brings a strong team of experienced bankers, focused on providing exceptional customer service, enhancing our current presence in the Kansas City metropolitan market and surrounding communities.”
The combined bank becomes Heartland’s fourth largest bank subsidiary with around $1.3bn in assets.
A diversified financial services company, Heartland has assets of approximately $12bn with 119 banking locations.
