Fairness Opinion
Heartland Financial USA, Inc.
M&A Advisory
Has Acquired
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
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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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