Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0790
    -0.0003 (-0.03%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2619
    -0.0003 (-0.02%)
     
  • USD/JPY

    151.3470
    -0.0250 (-0.02%)
     
  • Bitcoin USD

    69,964.91
    -503.04 (-0.71%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Heartland Financial to Buy Johnson Bank's Arizona Business

Heartland Financial USA, Inc. HTLF recently announced that its subsidiary — Arizona Bank & Trust — will acquire the Arizona operations of Johnson Bank, a subsidiary of Johnson Financial Group. Financial terms of the transaction remain undisclosed.

Heartland Financial will gain access to Johnson Bank’s four full-service banking centers in Phoenix and Scottsdale, AZ. These banking centers had about $362 million in deposits and $186 million in loans as of Mar 31, 2020.

The deal, subject to regulatory approvals, is expected to close in the fourth quarter of 2020.

Following the deal’s conclusion, Arizona Bank & Trust will become Heartland Financial’s eighth bank subsidiary to surpass a billion dollars in assets. It will have $1.2 billion in assets and 10 banking centers.

Heartland Financial’s president and CEO said, “Johnson Bank’s four office locations will be a natural fit with the geographic footprint and culture of Arizona Bank & Trust, and we look forward to growing our relationships in the Phoenix market.”

Heartland Financial has been growing through acquisitions for the past several years. This February, the company signed a deal to acquire AIM Bancshares, Inc. Also, last year, it bought Rockford Bank and Trust Company, and Blue Valley Ban Corp. These deals have not only expanded the bank’s footprint but will also support its profitability in the days to come.

Shares of Heartland Financial have depreciated 31.1% so far this year compared with the 25.7% decline recorded by the industry.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The coronavirus pandemic had put a break on merger deals in the year so far. Per a recent report by S&P Global Market Intelligence, deals worth only $6.5 billion were announced till May compared with the $36.4 billion announced during the same period last year. Some of the notable transactions include South State Corporation’s SSB merger with CenterState Bank Corp and FB Financial Corporation’s FBK merger with Franklin Financial Network in January, as well as and Pacific Premier Bancorp’s PPBI merger with Opus Bank in February.

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Heartland Financial USA, Inc. (HTLF) : Free Stock Analysis Report
 
Pacific Premier Bancorp Inc (PPBI) : Free Stock Analysis Report
 
South State Corporation (SSB) : Free Stock Analysis Report
 
FB Financial Corporation (FBK) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.

Advertisement