Heartland Financial USA, Inc. | Stephens

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Fairness Opinion

Heartland Financial USA, Inc.

$280 Million 02/11/2020 Depository Complete
Lead Bankers: Kade Machen, Buster Williams
Public Companies
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Transaction Details

  • On February 11th, 2020, Heartland Financial USA, Inc. (“Heartland”)(NASDAQ: HTLF), the sole shareholder of FirstBank & Trust and New Mexico Bank & Trust, announced it will acquire AIM Bancshares, Inc. (“AIM”) and its wholly owned subsidiary, AimBank
  • Upon completion of the merger of AIM with and into Heartland, AimBank will merge with and into FirstBank & Trust, Heartland’s existing Lubbock, Texas based subsidiary
  • AimBank operates 25 full-service banking centers serving the West Texas and Northeastern New Mexico markets
  • The combination of AimBank and FirstBank & Trust will create Heartland’s largest bank subsidiary with assets of almost $3 billion and 33 banking centers serving West Texas and Northeastern New Mexico
  • After completing the acquisition of AIM, Heartland will have total assets of approximately $15 billion with 140 full-service banking locations operating in 12 states
  • The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2020
Sources: Heartland issued press release and S&P Global Market Intelligence
  1. 1) Based on HTLF stock price of $49.88 as of February 10, 2020

    2) Reflects AIM Bancshares consolidated financials as of and for the last 12 months ended December 31, 2019

    3) Reflects bank - level call report data as of and for the last 12 months ended December 31, 2019

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