Heartland Financial USA is Dubuque, Iowa, has agreed to buy CIC Bancshares in Denver.
The $6.7 billion-asset Heartland said in a press release Friday that it will pay about $84 million in cash and stock for the $722 million-asset parent of Centennial Bank. About 80% of the consideration will involve stock. The deal is expected to close in the first quarter.
Heartland said it expects the deal to be accretive to its earnings per share within the first year of combined operations. Centennial will be merged into Heartland’s Colorado unit, Summit Bank & Trust, will take on the Centennial brand.
CIC grew substantial by buying Centennial in 2010 and the
“We are excited about the prospect of expanding the Heartland footprint in Colorado, an economically strong and vibrant region,” Lynn Fuller, Heartland’s chairman and chief executive, said in the release. “Centennial is a healthy bank that presents excellent opportunity to build on its solid market share with business and retail customers.”
Piper Jaffray and Bieging Shapiro & Barber advised CIC. Panoramic Capital Advisors and Dorsey & Whitney advised Heartland.
