Heartland Financial has completed the acquisition of Community Banc-Corp of Sheboygan, parent company of Community Bank & Trust in Sheboygan, Wisconsin.
As of the close of business on January 16, 2015, Community Banc-Corp of Sheboygan was merged into Heartland, and Community Bank & Trust was merged into Wisconsin Bank & Trust, Heartland’s Wisconsin banking subsidiary.
The merger agreement, which received Community Banc-Corp shareholder approval on December 29, 2014 and all regulatory approvals, provided for all outstanding shares of Community Banc-Corp to be converted into shares of Heartland common stock.
The aggregate purchase price of approximately $52.8 million was paid through the issuance of approximately 1,970,900 shares of Heartland’s common stock to former Community Banc-Corp shareholders. Heartland expects the transaction to be accretive to its earnings per share in 2015 and 2016, excluding one-time merger related expenses.
As of September 30, 2014, Community Bank & Trust had assets of $525 million, loans of $410 million and deposits of $429 million; Wisconsin Bank & Trust had assets of $665 million, loans of $509 million and deposits of $565 million.
The merger expands the number of Wisconsin Bank & Trust locations from nine to nineteen and adds six communities in eastern Wisconsin to the bank’s service area, including the Milwaukee area.