Heartland Financial completed its acquisition of Minnetonka, MN-based Signature Bancshares, with the latter’s wholly owned subsidiary Signature Bank merging immediately into Heartland’s subsidiary Minnesota Bank & Trust.

President and CEO of Signature Bank Ken Brooks will lead Minnesota Bank & Trust as president and CEO. Leif Syverson and Steven M. Thul, formerly executive vice president and board chairman, respectively, at Signature Bank, will continue to serve in the same roles at Minnesota.

Based on Heartland’s closing stock price of $53.55 per share as of the close date, the aggregate merger consideration at closing was valued at approximately $61.4 million in stock and cash (including the consideration to be paid in exchange for the termination of Signature options).

Signature common shareholders received 0.061 shares of Heartland common stock and $0.335 in cash for each share of Signature common stock. Signature option holders received cash or Heartland common stock, at the election of the holder, for the in-the-money portion of the Signature stock options.

Heartland expects the transaction to be accretive to earnings per share. The systems integration is planned for the second quarter of 2018.

“We are excited to expand our presence in the vibrant Twin Cities market,” said Lynn B. Fuller, chairman and CEO of Heartland. “Signature Bank brings a strong team of experienced bankers, focused on providing exceptional customer service, enhancing our current presence in the Twin Cities market.”

Panoramic Capital Advisors served as financial advisor and Dorsey & Whitney served as legal advisor to Heartland in connection with the transaction. Signature received a fairness opinion from Sheshunoff & Co which also served as its financial advisor, while Winthrop & Weinstine acted as its legal advisor.