Heartland Financial USA, Inc. Completes Acquisition of AimBank in Texas

Combination of FirstBank & Trust and AimBank Creates Heartland’s Largest Community Bank and Significantly Expands Heartland’s Presence in West Texas

DUBUQUE, Iowa and LEVELLAND, Texas, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF) announced today the completion of its acquisition of AimBank, the wholly-owned subsidiary of holding company AIM Bancshares, Inc. (“AIM”), headquartered in Levelland, Texas, at the close of business on December 4, 2020.

AIM first merged into AimBank, and immediately thereafter, AimBank merged with and into FirstBank & Trust, Heartland’s wholly-owned subsidiary headquartered in Lubbock, Texas. The combined bank will operate under the name FirstBank & Trust.

AimBank is a full-service community bank with approximately $1.85 billion in total assets, $1.12 billion in total net loans outstanding and $1.60 billion in total deposits as of September 30, 2020. The bank serves Lubbock, Midland-Odessa, Amarillo, Abilene and other surrounding West Texas communities from 19 full-service banking centers. AimBank also has six full service banking centers in Northeastern New Mexico.

“We are excited to expand our presence in Texas and New Mexico,” said Lynn B. Fuller, Executive Operating Chairman of Heartland. “AimBank brings a strong team of experienced bankers, focused on providing exceptional customer service, which will expand and continue our success in the market.”

The AimBank shareholders will receive approximately 5,185,000 shares of Heartland common stock and approximately $47.3 million in cash, subject to certain “hold-back” provisions of the merger agreement relating to the cash consideration.

After completing the acquisition of AimBank and the previously announced acquisition of Johnson Bank’s four Arizona branches, which also closed on December 4, 2020, Heartland has total assets of almost $18 billion with more than 140 full-service banking locations operating in 12 states.

Bruce K. Lee, Heartland’s President and Chief Executive Officer, added, “We are excited to welcome the customers and employees of AimBank. This combination brings together two strong community banks with similar cultures, builds further scale for Heartland in Texas and New Mexico, and will create additional value for our shareholders.”

Advisors:
In connection with the transaction, Panoramic Capital Advisors, Inc. served as financial advisor to Heartland and Dorsey & Whitney LLP served as Heartland’s legal counsel. Hillworth Bank Partners served as financial advisor and issued a fairness opinion to AIM and Fenimore, Kay, Harrison, & Ford, LLP served as AIM’s legal counsel.