Dubuque, IA-based Heartland Financial USA’s subsidiary Illinois Bank & Trust completed its acquisition of Rockford Bank and Trust.
Based on the aggregate net book value of the assets acquired and liabilities assumed by IB&T, the total cash payment by IB&T to RB&T was approximately $46.9 million, inclusive of a purchase price premium of approximately $12.5 million. In addition, QCRH, Rockland’s parent company, retained net assets of approximately $12.2 million. In total, the transaction is valued at approximately $59.1 million.
RB&T is a full-service community bank that serves the Rockford market from two full-service banking centers. Similarly, IB&T serves commercial businesses, professionals and individuals from eight banking centers in Rockford and the surrounding communities in northwestern Illinois. With the completion of the acquisition of the assets of RB&T, IB&T has total assets of approximately $1.3 billion with 10 full-service banking centers.
“The transaction combines two strong local community banks that share similar cultures and core values. We are pleased to be expanding our presence and adding scale in the Rockford community and Winnebago County,” said Lynn B. Fuller, executive operating chairman of Heartland.
With the completion of the acquisition, Heartland has total assets of approximately $13.0 billion with 118 full-service banking locations operating in 12 states.
