Rockford Bank & Trust: Heartland Financial USA, Inc. and QCR Holdings, Inc. Announce That Illinois Bank & Trust Will Acquire the Assets of Rockford Bank and Trust Company

DUBUQUE, Iowa and MOLINE, Ill., Aug. 13, 2019 (GLOBE NEWSWIRE) -- Dubuque, IA-based Heartland Financial USA, Inc. ("Heartland") (NASDAQ:HTLF) and Moline, IL-based QCR Holdings, Inc. ("QCRH") (NASDAQ:QCRH) jointly announced today that Illinois Bank & Trust ("IB&T"), a wholly-owned subsidiary of Heartland headquartered in Rockford, Illinois, has entered into a purchase and assumption agreement, pursuant to which IB&T will acquire substantially all of the assets and assume substantially all of the deposits and certain other liabilities of Rockford Bank and Trust Company ("Rockford Bank & Trust" or "RB&T"), headquartered in Rockford, Illinois. RB&T is a wholly-owned subsidiary of QCRH.Founded in 2005, RB&T is a full-service community bank with $523 million in total assets, $423 million of gross loans outstanding, and $453 million of deposits as of June 30, 2019. RB&T serves the Rockford market from two full-service banking centers.IB&T had $853 million in total assets as of June 30, 2019. It operates eight full-service banking centers in Rockford and northwestern Illinois. The transaction will create Heartland's fifth largest bank subsidiary with assets of approximately $1.3 billion and 10 banking centers, when fully integrated. IB&T will continue to operate under the Illinois Bank & Trust brand.The leadership teams from both IB&T and RB&T will play critical roles in leading the new combined bank. Once the transaction is complete, Jeffrey S. Hultman, President and CEO of IB&T, will continue in his position as CEO of IB&T and Thomas D. Budd, President and CEO of RB&T, will assume the role of President of IB&T.After completing the acquisition of the assets of RB&T, Heartland will have total assets of approximately $12.6 billion with 118 full-service banking locations operating in 12 states."We are growing our presence and adding additional scale in the Rockford market, where we have been quite successful," said Lynn B. Fuller, Executive Operating Chairman of Heartland. "Rockford Bank & Trust is an excellent fit for our community banking business model, and we are pleased the Rockford Bank & Trust team will be joining with the Illinois Bank & Trust team to expand and continue our success in the market."Bruce Lee, President and CEO of Heartland, added, "Rockford Bank & Trust's two office locations will be a natural fit with the geographic footprint and culture of Illinois Bank & Trust, and we look forward to further building relationships in the Rockford communities. We extend a warm welcome to the Rockford Bank & Trust customers and employees to our organization. The leadership teams of the two institutions will be integrally working together to preserve our commitment to a quality customer experience. We are very fortunate to be integrating two talented teams of local commercial banking professionals and staff with an excellent knowledge of the Rockford community and the clients they serve."Under the terms of the purchase and assumption agreement, ...Full story available on Benzinga.com