Heartland Financial acquires Kansas-based Blue Valley Bank
Heartland Financial will acquire Blue Valley Ban and its wholly-owned subsidiary, Bank of Blue Valley, headquartered in Overland Park, Kansas. Founded in 1989, Bank of Blue Valley is a full-service community bank with approximately $725M in total assets, $527M in net loans outstanding and $608M in deposits as of September 30, 2018. Upon completion, Bank of Blue Valley will merge with and into Heartland's existing Kansas-based subsidiary, Morrill & Janes Bank, which had approximately $593M in total assets. The combination of Morrill & Janes Bank and Bank of Blue Valley will have assets of approximately $1.3B and 13 banking centers. Bank of Blue Valley CEO Robert Regnier will be named the Executive Chairman and CEO of the combined bank and Wendy Reynolds, President and CEO of Morrill & Janes Bank will assume the role of President of the combined bank. After the acquisition, Heartland will have total assets of approximately $12B with 127 full-service banking locations operating in 12 states. Holders of BVBC common stock at the closing will receive 0.3271 shares of Heartland common stock for each share of BVBC common stock owned immediately prior to closing, or approximately 2,066,000 shares of Heartland common stock in the aggregate. The 100% stock transaction is valued at approximately $93.9M, or $14.87 per share of BVBC common stock. The transaction is expected to close in Q2, with a systems conversion planned for Q3. Heartland expects the transaction to be accretive to its EPS within the first year of combined operations.