Heartland BancCorp, the holding company for Heartland Bank, completed its acquisition of Victory Community Bank. The terms of the acquisition provide Victory Bancorp (as the sole shareholder of Victory Community Bank) 58,934 shares of Heartland common stock and approximately $35.5 million in cash.
At December 31, 2019, Victory Community Bank had total assets of $181 million, a loan portfolio of $147 million and a deposit base of $137 million with three banking locations in Boone, Kenton and Campbell counties in Kentucky. Its former sister company, Victory Mortgage, which is affiliated with Fischer Homes, has mortgage lending offices in Louisville, KY, Columbus, OH, Indianapolis and Atlanta. As part of the merger, Victory Mortgage entered into a cooperation agreement with Heartland Bank for certain products and services to be provided to Heartland Bank post-closing.
“We welcome Victory Community Bank’s customers and employees to the Heartland family,” G. Scott McComb, chairman and CEO for Heartland BancCorp, said. “This merger expands our presence throughout Northern Kentucky and Cincinnati and complements Heartland’s franchise. We are excited to join with the Victory team and deliver quality community banking services to this vibrant market area.”
D.A. Davidson & Co. served as financial advisor and Hunton Andrews Kurth served as legal counsel to Heartland. Boenning & Scattergood served as financial advisor and Dinsmore & Shohl served as legal counsel to Victory.
Heartland BancCorp is a registered Ohio bank holding company that has elected financial holding company status and is the parent of Heartland Bank, which operates 19 banking offices and TransCounty Title Agency.