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.
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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