Dubuque, Iowa-based Heartland Financial USA Inc., parent company of Madison-based Wisconsin Bank & Trust, has completed its previously announced acquisition of Community Banc-Corp., parent company of Sheboygan-based Community Bank & Trust, for $52.8 million in stock. Heartland has merged Wisconsin Bank & Trust with Community Bank & Trust.
All outstanding shares of Community Banc-Corp have been converted into Heartland common stock. The purchase price was paid through the issuance of about 1.97 million shares of Heartland stock to former Community Banc-Corp shareholders.
As of September 30, 2014, Community Bank & Trust had assets of $525 million, loans of $410 million and deposits of $429 million; Wisconsin Bank & Trust had assets of $665 million, loans of $509 million and deposits of $565 million. Heartland expects the transaction to be accretive to its earnings per share in 2015 and 2016, excluding one-time merger related expenses.
Wisconsin Bank & Trust now has 19 branches, including several in the Milwaukee area. Community Bank & Trust customers will be converted to the Wisconsin Bank & Trust computer system and signs will change at its branches in the spring.
“We continue to expand the Wisconsin Bank & Trust community banking business model across Wisconsin, and are pleased to enter Community Bank & Trust’s quality markets and serve more of the Sheboygan and the greater Milwaukee areas,” said Kevin Tenpas, president and chief executive officer of Wisconsin Bank & Trust. “We are also pleased to add a talented team of experienced commercial and personal banking professionals to our team under the leadership of Scott Moseley, who is continuing as regional market president. Community Bank & Trust leads the state in SBA loans by banks of its size and is the deposit leader in Sheboygan County. We hope to preserve their strong presence in the community and their tradition of superior service, while expanding product offerings and the services we provide.”
“We believe our customers will continue to feel at home and benefit from this merger,” said Anthony Jovanovich, chairman and CEO of Community Banc-Corp. “They will have access to a wide selection of convenient financial products and services offered by Wisconsin Bank & Trust. Wisconsin Bank & Trust shares our community and service focus and is a great fit for our customers.”