DUBUQUE, Iowa and OVERLAND PARK, Kan., May 13, 2019 (GLOBE NEWSWIRE) — Dubuque, Iowa-based Heartland Financial USA, Inc. (NASDAQ: HTLF) (“Heartland”) announced today the completion of its acquisition of Blue Valley Ban Corp. (OTCQX: BVBC) (“BVBC”) and its wholly-owned subsidiary, Bank of Blue Valley, headquartered in Overland Park, Kansas, at the close of business on May 10, 2019.
BVBC was merged with and into Heartland. In the merger, BVBC common shareholders (including holders of BVBC Series B preferred stock whose shares of Series B preferred stock were converted into an equal number of shares of common stock immediately prior to closing) received 0.3271 shares of Heartland common stock for each share of BVBC common stock owned immediately prior to closing (or approximately 2,060,000 shares of Heartland common stock in the aggregate).
Heartland expects the transaction to be immediately accretive to its earnings per share over the first full year of operations following the closing. The systems integration is planned for the third quarter of 2019.