Financial services company Heartland Financial USA (HTLF) announced its complete purchase of commercial bank Heritage Bank, which was previously a subsidiary of Ameri-National Corporation on Monday.
Heartland acquired the bank in an all-cash transaction, totaling $15.6 million. The company expects the acquisition to be accretive to earnings in 2013.
The acquisition expands the number of Heartland banking locations in the Phoenix market from seven to nine.
As of September, Heritage has assets of $107 million, loans of $73 million and deposits of $84 million.
Heartland provides commercial and retail banking, residential mortgage, wealth management, investment services, insurance and consumer finance services. The company currently has 68 banking locations.