A Dubuque-based financial institution plans to acquire a Texas-based bank holding company in a $280 million deal.
Heartland Financial USA and AIM Bancshares this afternoon announced that they had entered into a definitive merger agreement. Heartland will acquire ABI and its wholly owned subsidiary, AimBank.
Headquartered in Levelland, Texas, AimBank is a full-service community bank with about $1.8 billion in assets, according to a press release.
The deal marks Heartland's 17th acquisition since 2012 and will expand its presence in west Texas.
AimBank will merge with and into Heartland’s existing Lubbock, Texas-based subsidiary, FirstBank & Trust. The union of AimBank and FirstBank & Trust will create Heartland's largest bank subsidiary.
The completion of the ABI acquisition will push Heartland's assets to about $15 billion and its number of full-service banking locations to 140 in 12 states.