Heartland Financial USA, Inc.
Heartland Financial USA, Inc. announces sale of consumer finance subsidiary Citizens Finance
Heartland Financial USA, Inc. (NASDAQ: HTLF) today announced that its consumer finance subsidiaries, Citizens Finance Co. and Citizens Finance of Illinois Co. (collectively, “Citizens”) have completed the sale of their existing loan portfolios totaling approximately $70 million to American Credit Acceptance, LLC (“ACA”), headquartered in Spartanburg, South Carolina. The transaction is not expected to have a material effect on Heartland’s consolidated financial results.
“Over the past 5 years, Heartland has strategically focused on growing and expanding its community banking businesses”, said Bruce Lee, president and chief executive officer of Heartland. “Our decision to exit the consumer finance business will allow us to sharpen our focus on our core businesses and execute on our strategic priorities.”
All of Citizens’ 14 current offices located in Iowa, Illinois and Wisconsin will remain open through the end of January 2019 to assist customers with the transition to ACA. Sandler O’Neill + Partners served as financial advisor to Heartland, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal advisor.
About Heartland Financial USA, Inc.
Heartland is a diversified financial services company with assets of approximately $11.3 billion. The Company provides banking, mortgage, private client, investment, treasury management, card services and insurance services to individuals and businesses. Heartland currently has 122 banking locations serving 91 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland is available at www.htlf.com.