Heartland Financial USA, Inc. Announces Plan to Expand Presence in Kansas City With Acquisition of Blue Valley Ban Corp.
DUBUQUE, Iowa, and OVERLAND PARK, Kan., Jan. 16, 2019–(GLOBE NEWSWIRE)–Dubuque, IA-based Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF) and Blue Valley Ban Corp. (“BVBC”) (OTCQX; BVBC) jointly announced today that they have entered into a definitive merger agreement, pursuant to which, Heartland will acquire BVBC and its wholly-owned subsidiary, Bank of Blue Valley, headquartered in Overland Park, Kansas.
Founded in 1989, Bank of Blue Valley is a full-service community bank with approximately $725 million in total assets, $527 million in net loans outstanding and $608 million in deposits as of September 30, 2018. Bank of Blue Valley serves Johnson County and the greater Kansas City metropolitan area from five full-service banking centers in Kansas.
Upon completion of the merger of BVBC with and into Heartland, Bank of Blue Valley will merge with and into Heartland’s existing Kansas-based subsidiary, Morrill & Janes Bank and Trust Company (“Morrill & Janes Bank”), which had approximately $593 million in total assets as of September 30, 2018 and holds the first bank charter ever granted in the State of Kansas. Morrill & Janes Bank operates eight full-service banking centers in Kansas and Missouri. The combination of Morrill & Janes Bank and Bank of Blue Valley will create Heartland’s fourth largest bank subsidiary with assets of approximately $1.3 billion and 13 banking centers serving the attractive Kansas City metropolitan area and surrounding communities. The resulting institution will operate under the Bank of Blue Valley brand.
The CEOs from both Kansas banks will play critical roles in leading the new combined bank. Once the merger is complete, Robert D. Regnier, Chairman, President and CEO of Bank of Blue Valley, will be named the Executive Chairman and CEO of the combined bank and Wendy Reynolds, President and CEO of Morrill & Janes Bank will assume the role of President of the combined bank.
After completing the acquisition of BVBC, Heartland will have total assets of approximately $12 billion with 127 full-service banking locations operating in 12 states.