Heartland Financial USA, Inc., Board Announces New Independent Chairman

Tuesday, March 15, 2022

Heartland Financial USA, Inc. (Nasdaq: HTLF) today announced that its Board of Directors appointed John K. Schmidt to serve as independent Chairman of the Board, replacing Lynn B. Fuller, who was removed as Executive Operating Chairman of the Board, effective immediately.  Mr. Schmidt has served on the Board since 2001.

“The Board determined that Mr. Fuller was no longer best positioned to serve in the Chairman role in light of his public disagreement with the company’s leadership and strategy, which was previously and unanimously approved by the Board,” said Schmidt.  “The Board has full and complete confidence in management and the company’s strategic plan to drive growth and deliver long-term value to shareholders.” 

“I am honored to take on the role of Chairman and look forward to continuing to work with my fellow Board members, HTLF’s CEO Bruce K. Lee, and our talented management team to continue to execute on our strategic initiatives.  The company is well-positioned for continued success,” said Schmidt.

“We are consolidating our 11 separate bank charters into a single charter, a more common structure in the banking industry, to support our growth strategy,” Schmidt continued.  “The strategy aligns our 11 separate banks under a single charter while preserving our local brands, leadership, and decision-making.  We believe this will create sensible efficiencies and capacity that support future growth both organically and through M&A.”

Mr. Fuller remains a Director of the company. 

John K. Schmidt Bio

Mr. Schmidt has been the Senior Vice President and Chief Financial Officer of A.Y. McDonald Industries since 2013 and was named Corporate Secretary in 2014.  Mr. Schmidt was the Chief Operating Officer (from 2004) and Chief Financial Officer (from 1991) of HTLF until joining A.Y. McDonald Industries.  Mr. Schmidt was also an officer of Dubuque Bank and Trust Company from 1984 to 2004 and President from 1999 to 2004.  Prior to joining Dubuque Bank and Trust Company in 1984, Mr. Schmidt was employed by the Office of the Comptroller of the Currency (the “OCC”) and Peat Marwick Mitchell, currently known as KPMG LLP. He graduated with a BA from the University of Northern Iowa.

Mr. Schmidt is a lifelong resident of Dubuque, Iowa, and serves as a Vice Chairman and Director on the Board of HTLF subsidiary Dubuque Bank and Trust Company; Board Member and Treasurer, High Voltage LLC; and Director of A.Y. McDonald Industries.  He’s a past President of Steeple Square.

About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. (NASDAQ: HTLF), operating under the brand name HTLF, is a financial services company with assets of $19.3 billion.  HTLF’s banks serve communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin.  HTLF is committed to its core commercial business, supported by a strong retail operation, and provides a diversified line of financial services including residential mortgage, wealth management, investment and insurance.  Additional information is available at htlf.com.

Safe Harbor Statement
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