Heartland Financial USA announced Tuesday that one of its subsidiaries is purchasing an Illinois bank chain with more than $500 million in assets.
Illinois Bank & Trust has entered into a purchase agreement in which it would acquire Rockford Bank & Trust Co., which has two locations in that city.
Rockford Bank & Trust has $523 million in total assets, according to a press release from Heartland, which is based in Dubuque.
Based on the Rockford bank’s balance sheet as of June 30, the purchase price would be $59.2 million, the release states.
With the move, Illinois Bank & Trust now will have about $1.3 billion in assets and 10 bank locations. The new Rockford locations will operate under the Illinois Bank & Trust brand.
The release states that, when the move is finalized, Heartland will have about $12.6 billion in total assets and 188 “full-service” banking locations in 12 states.
“We are growing our presence and adding additional scale in the Rockford market, where we have been quite successful,” said Heartland Executive Operating Chairman Lynn B. Fuller in the release.