Rockford, IL-based Illinois Bank & Trust (“IB&T”), a wholly-owned subsidiary of Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF), and Rockford, IL-based Rockford Bank and Trust Company (“Rockford Bank & Trust” or “RB&T”), a wholly-owned subsidiary of QCR Holdings, Inc. (NASDAQ: QCRH), jointly announced today that on November 30, 2019, IB&T completed its acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of RB&T.
Rockford, IL, December 2, 2019 — In connection with the closing, RB&T’s operations were combined with the operations of IB&T. The combination of IB&T and RB&T creates Heartland’s fifth-largest bank subsidiary with assets of approximately $1.3 billion and 10 banking centers operating under the Illinois Bank & Trust brand.
The leadership teams from RB&T and IB&T will play critical roles in leading the new combined bank. Jeffrey S. Hultman, of IB&T, has been named the CEO, and Thomas D. Budd, of RB&T, has assumed the role of President of the combined bank.
Mr. Hultman said, “We are very excited to welcome the customers and employees of Rockford Bank & Trust. This combination presents us with the opportunity to integrate the best of both organizations and provide superior services as a combined bank. Together, we will make great things happen for our customers and our community.”
“Through this transaction, Illinois Bank & Trust is expanding its team, services and commitment in the Rockford community,” said Mr. Budd. “Together IB&T and RB&T create a premier community bank that will continue to serve the needs of the Rockford community and Winnebago County.”
About Illinois Bank & Trust
IB&T, a wholly-owned subsidiary of Heartland, had total assets of $840 million as of September 30, 2019, and is dedicated to the principles of community banking, including community involvement, an active board of directors, local presidents and local decision-making. IB&T currently operates eight banking centers in Rockford, Stockton, Galena and Elizabeth, Illinois. For more information, visit www.illinoisbank.com. IB&T is a member of the FDIC and is an Equal Housing Lender.
About Heartland Financial USA, Inc.
Heartland is a diversified financial services company with assets of $12.6 billion as of September 30, 2019. Heartland provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 118 banking locations serving 84 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland is available at www.htlf.com.
Forward-Looking Statements
This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about IB&T’s acquisition of the operations of RB&T. These forward-looking statements may include statements about the benefits of the acquisition, including anticipated future results, cost savings and accretion to earnings. Risks relating to the acquisition include the following: the operations of RB&T and IB&T may not be combined successfully, or such integration may take longer than expected; the cost savings from the acquisition may be less than anticipated; credit and interest rate risks of RB&T’s former assets may be greater than anticipated; and various difficulties associated with achieving anticipated future financial results of IB&T after the acquisition may occur.
In addition, this release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors in Heartland's Annual Reports on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war; (iii) changes in state and federal laws, regulations and governmental policies as they impact the company's general business; (iv) changes in interest rates and prepayment rates of the company's assets; (v) increased competition in the financial services sector and the inability to attract new clients; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the potential impact of acquisitions and Heartland's ability to successfully integrate acquired banks; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertake no obligation to update any statement in light of new information or future events.