Heartland Financial USA completed the purchase of Lubbock, TX-based First Bank Lubbock Bancshares and its wholly owned subsidiary, FirstBank & Trust. Systems integration is planned for Q3/18.
As of March 31, 2018, FirstBank had assets of approximately $972 million, gross loans outstanding of $705 million and deposits of $869 million. FirstBank serves Lubbock and its surrounding communities from eight full-service banking centers throughout West Texas. Additionally, FirstBank offers mortgage lending services from eight offices throughout Texas through its wholly-owned subsidiary, PrimeWest Mortgage.
At the time of Heartland’s acquisition of FBLB, FirstBank became a wholly-owned subsidiary of Heartland. FirstBank will continue to operate under its present brand and management team as Heartland’s 11th state-chartered bank. Barry Orr will continue to serve as the chairman and CEO of FirstBank, and Greg Garland will continue to serve as its president. With this purchase, Heartland will now have assets of approximately $11.2 billion and operate 125 full-service banking locations across 12 states.
“We are excited to welcome Barry Orr and the entire FirstBank and PrimeWest teams to Heartland to operate our flagship bank in Texas. We are highly impressed with the people and performance of FirstBank and the solid community banking franchise FirstBank has built,” said Lynn B. Fuller, chairman and CEO of Heartland. “FirstBank shares our dedication to customer service and the well-being of its communities. With new and expanded products and services, FirstBank will continue to admirably serve the Lubbock and the West Texas markets as Heartland’s newest billion-dollar charter.”
In connection with the transaction, Panoramic Capital Advisors served as financial advisor to Heartland and Dorsey & Whitney served as Heartland’s legal counsel. Stephens served as financial advisor to FBLB and Fenimore, Kay, Harrison, & Ford served as FBLB’s legal counsel.
Heartland is a diversified financial services company with assets of approximately $11.2 billion.
