February 13, 2017 / 11:50 PM / 5 months ago

BRIEF-Heartland Financial USA Inc and Citywide Banks announce merger agreement

2 Min Read

Feb 13 (Reuters) - Heartland Financial Usa Inc

* Heartland Financial USA Inc and Citywide Banks announce merger agreement

* Heartland Financial USA Inc - deal for $203 million

* Heartland Financial USA Inc - deal for $207.98 per Citywide common share

* Heartland Financial USA Inc says resulting institution will operate under Citywide Banks brand name

* Heartland Financial USA Inc says Heartland expects transaction to be accretive to its earnings per share within first full year of combined operations

* Heartland Financial USA Inc - additionally, citywide's preferred stock of approximately $5 million will be redeemed for cash before closing

* Heartland Financial USA - with closing of deal, Citywide Banks will merge with Heartland's colorado-based subsidiary, Centennial Bank And Trust

* Heartland Financial - Citywide shareholders will receive 3.300 shares of heartland common stock, $57.00 in cash for each share of Citywide common stock

* Heartland Financial USA Inc - definitive merger agreement has been unanimously approved by boards of directors of both companies

* Heartland Financial - deal expected to qualify as a tax-free exchange with respect to stock consideration received by common shareholders of Citywide

* Heartland Financial USA - Marty Schmitz, chairman of Citywide banks will continue as board member of combined entity and will join Heartland's board Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below