Heartland Bank Merger Details Revealed in Deal with German American

Heartland Bank is merging with German American, a move that will bring significant changes to the banking industry in the region. The merger is expected to create one of the largest banks in the area.

The deal is a result of a strategic decision to expand services and improve customer experience. German American will acquire all outstanding shares of Heartland Bank.

Heartland Bank's current employees will be absorbed into the new entity, with many expected to take on new roles and responsibilities. This will help to reduce costs and improve operational efficiency.

The merged bank will have a combined assets base of over $2 billion, making it a major player in the local banking market.

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The German American Bancorp Inc. is planning to merge with Heartland BancCorp, a deal valued at over $330 million. This will bring German American's total footprint to nearly 95 branches and $8.1 billion in assets.

The merger will bring together two community-oriented organizations, expanding German American's presence in the Columbus and Cincinnati markets in Ohio. The deal has been unanimously approved by each company's board of directors.

Upon closing, Heartland's subsidiary, Heartland Bank, will merge into German American Bank and operate under a co-branded name.

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UMB Financial has checked off a significant item on its list by acquiring MB Financial, a Chicago-based bank. UMB Financial now has a presence in the Midwest.

The acquisition brings UMB Financial's total assets to over $42 billion. This is a major milestone for the bank.

UMB Financial has a long history of strategic acquisitions, with this latest deal being its largest to date. The bank has a proven track record of successfully integrating acquired institutions.

The addition of MB Financial's employees and customers will help UMB Financial expand its services and reach a wider market. This will be a significant boost to the bank's growth.

UMB Financial's commitment to community banking will continue to be a key focus area, with the bank looking to maintain its strong relationships with local customers and businesses.

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The merger between German American Bancorp Inc. and Heartland BancCorp is valued at over $330 million. This deal will bring German American's total footprint to nearly 95 branches and $8.1 billion in assets.

The cash and stock deal will bring together two community-oriented organizations, expanding German American's presence into the Columbus and Cincinnati markets in Ohio. This strategic partnership will allow German American to serve customers and communities with a relationship-based approach.

Per the terms of the agreement, Heartland shareholders will receive 3.90 shares of German American common stock for each share of Heartland stock they own, except for those held by the Heartland retirement plan. Those shares will be exchanged for an equivalent cash payment.

The deal has been unanimously approved by each company's board of directors and is expected to close in the first quarter of 2025, pending shareholder and regulatory approvals.

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Customers shouldn't notice any changes with the Heartland brand staying in place.

The combined bank will be stronger and better together, according to McComb. They'll be able to offer more services, such as wealth management and trust services, which might even allow customers to keep their accounts for longer.

Heartland customers can expect a seamless transition, with no noticeable changes other than the bank's increased capabilities.

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Heartland customers can breathe a sigh of relief as they won't see any changes to their banking experience.

The Heartland brand will remain intact for now, and customers can expect business as usual.

Customers shouldn't notice anything out of the ordinary, other than the combined bank's increased strength and capabilities.

This is largely due to the fact that the deal aims to make the bank stronger and better together.

The combined bank will be able to offer more services, such as wealth management and trust services, which could even help retain customers for longer.

The deal between Heartland and the other bank will likely result in some job losses, with around 300 workers at Heartland facing uncertainty.

About 300 workers are employed at Heartland, and it's too soon to say how many may be affected by the deal.

The bank's leadership team, which McComb has grown and developed, will remain in place after the merger.

McComb is confident in his team's abilities and believes they will do great things in the markets they serve.

Over time, the bank could add more workers due to growth in the region, potentially offsetting some of the job losses.

McComb will no longer be CEO, but he will stay on as a board member for the combined banks.

The Heartland Bank merger is a significant deal that will bring German American Bancorp into Ohio for the first time. The combined bank will have a massive asset base of $8.1 billion.

The merger is an all-stock transaction valued at $330.2 million. This is a substantial investment that will help German American expand its reach.

The deal is expected to close in the first quarter of 2025, pending regulatory approval. This timeline suggests that the banks are working diligently to finalize the merger.

Heartland BancCorp's acquisition by German American Bancorp is a strategic move to stay competitive in the Columbus area. The bank needed to grow to keep up with the rapid development in the region.

The acquisition will give German American a presence in Ohio for the first time, with a combined bank that will count about $8.1 billion in assets and a 95-branch network. This will be a significant expansion for German American.

Heartland's CEO, G. Scott McComb, emphasized the need for growth, stating, "All these things happening in Columbus, our balance sheet needed to be bigger." This highlights the importance of scale in the banking industry.

The combined bank will operate under a co-branded name in the Ohio markets, with Heartland's 300 employees joining German American. However, some cuts are likely to occur, but the bank may add employees in the future to accommodate growth.

Under the deal, Heartland shareholders will receive 3.9 shares of German American stock for each share of Heartland stock they own, with a valuation of $155.37 per share. This represents a significant premium compared to Heartland's closing price on Monday.

Here's a summary of the deal's key terms:

Geoff Summerhayes has stepped down from the Heartland Board and taken on the role of Chair and Independent, Non-Executive Director of Heartland Bank (Australia).

The new Heartland Bank (Australia) Board of Directors includes Shane Buggle, Lyn McGrath, Vivienne Yu, and Bruce Irvine, who have been appointed as Independent, Non-Executive Directors. Leanne Lazarus and Jeff Greenslade have also joined the board as Non-Independent, Non-Executive Directors.

John Harvey has been appointed to the Heartland Board as an Independent, Non-Executive Director, and Ellie Comerford will be resigning from her position as Independent, Non-Executive Director on June 26, 2024.

Here's a breakdown of the new board members:

Michelle Winzer has been appointed as the new Chief Executive Officer of Heartland Bank (Australia), effective July 22, 2024. Chris Flood has been acting as the Chief Executive Officer since May 1, 2024, and will return to his role as Deputy Chief Executive Officer later in the year.

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