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Heartland Financial to Buy Johnson Bank's Arizona Business
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Heartland Financial USA, Inc. (HTLF - Free Report) recently announced that its subsidiary — Arizona Bank & Trust — will acquire the Arizona operations of Johnson Bank, a subsidiary of Johnson Financial Group. Financial terms of the transaction remain undisclosed.
Heartland Financial will gain access to Johnson Bank’s four full-service banking centers in Phoenix and Scottsdale, AZ. These banking centers had about $362 million in deposits and $186 million in loans as of Mar 31, 2020.
The deal, subject to regulatory approvals, is expected to close in the fourth quarter of 2020.
Following the deal’s conclusion, Arizona Bank & Trust will become Heartland Financial’s eighth bank subsidiary to surpass a billion dollars in assets. It will have $1.2 billion in assets and 10 banking centers.
Heartland Financial’s president and CEO said, “Johnson Bank’s four office locations will be a natural fit with the geographic footprint and culture of Arizona Bank & Trust, and we look forward to growing our relationships in the Phoenix market.”
Heartland Financial has been growing through acquisitions for the past several years. This February, the company signed a deal to acquire AIM Bancshares, Inc. Also, last year, it bought Rockford Bank and Trust Company, and Blue Valley Ban Corp. These deals have not only expanded the bank’s footprint but will also support its profitability in the days to come.
Shares of Heartland Financial have depreciated 31.1% so far this year compared with the 25.7% decline recorded by the industry.
The coronavirus pandemic had put a break on merger deals in the year so far. Per a recent report by S&P Global Market Intelligence, deals worth only $6.5 billion were announced till May compared with the $36.4 billion announced during the same period last year. Some of the notable transactions include South State Corporation’s (SSB - Free Report) merger with CenterState Bank Corp and FB Financial Corporation’s (FBK - Free Report) merger with Franklin Financial Network in January, as well as and Pacific Premier Bancorp’s (PPBI - Free Report) merger with Opus Bank in February.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Heartland Financial to Buy Johnson Bank's Arizona Business
Heartland Financial USA, Inc. (HTLF - Free Report) recently announced that its subsidiary — Arizona Bank & Trust — will acquire the Arizona operations of Johnson Bank, a subsidiary of Johnson Financial Group. Financial terms of the transaction remain undisclosed.
Heartland Financial will gain access to Johnson Bank’s four full-service banking centers in Phoenix and Scottsdale, AZ. These banking centers had about $362 million in deposits and $186 million in loans as of Mar 31, 2020.
The deal, subject to regulatory approvals, is expected to close in the fourth quarter of 2020.
Following the deal’s conclusion, Arizona Bank & Trust will become Heartland Financial’s eighth bank subsidiary to surpass a billion dollars in assets. It will have $1.2 billion in assets and 10 banking centers.
Heartland Financial’s president and CEO said, “Johnson Bank’s four office locations will be a natural fit with the geographic footprint and culture of Arizona Bank & Trust, and we look forward to growing our relationships in the Phoenix market.”
Heartland Financial has been growing through acquisitions for the past several years. This February, the company signed a deal to acquire AIM Bancshares, Inc. Also, last year, it bought Rockford Bank and Trust Company, and Blue Valley Ban Corp. These deals have not only expanded the bank’s footprint but will also support its profitability in the days to come.
Shares of Heartland Financial have depreciated 31.1% so far this year compared with the 25.7% decline recorded by the industry.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The coronavirus pandemic had put a break on merger deals in the year so far. Per a recent report by S&P Global Market Intelligence, deals worth only $6.5 billion were announced till May compared with the $36.4 billion announced during the same period last year. Some of the notable transactions include South State Corporation’s (SSB - Free Report) merger with CenterState Bank Corp and FB Financial Corporation’s (FBK - Free Report) merger with Franklin Financial Network in January, as well as and Pacific Premier Bancorp’s (PPBI - Free Report) merger with Opus Bank in February.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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