Heartland Financial USA Inc., the parent of Morrill & Janes Bank & Trust Co., will acquire Premier Valley Bank of Fresno, Calif., its third bank acquisition in the past three months.
Shareholders of Premier Valley Bank will receive about $95 million. They have the option to take payment in either cash or stock in Heartland Financial (NASDAQ: HTLF), but the option is subject to being prorated so the end deal results in 70 percent of total payment being made in stock and 30 percent in cash.
The transaction…
Heartland Financial USA Inc., the parent of Morrill & Janes Bank & Trust Co., will acquire Premier Valley Bank of Fresno, Calif., its third bank acquisition in the past three months.
Shareholders of Premier Valley Bank will receive about $95 million. They have the option to take payment in either cash or stock in Heartland Financial (NASDAQ: HTLF), but the option is subject to being prorated so the end deal results in 70 percent of total payment being made in stock and 30 percent in cash.
The transaction…