Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has completed its acquisition of CIC Bancshares, Inc., parent company of Centennial Bank, headquartered in Denver, Colorado.
The aggregate purchase price was $83.5 million, subject to certain adjustments, with approximately 20 percent of the consideration paid in cash and 80 percent in HTLF common stock. Heartland expects the transaction to be accretive to earnings in the first full year following the systems integration, which is planned for mid-2016.