Mergers & Acquisitions

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Deal Overview

Buyer:
Heartland Financial USA, Inc.
Actual Acquirer:
Heartland Financial USA, Inc.
Target:
Heritage Bank, National Association
Deal Type:
Bank & Thrift Company
Agreement Date:
10/11/2012
Announcement Date:
10/11/2012
Announced Deal Value ($ M):
15.64
Status:
Completed
Completion Date:
12/7/2012
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 15.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 124.0 124.0
Price / Tangible Book (%) 124.0 124.0
Price / Earnings (x) NM NM
Price / Deposits (%) 18.68 18.66
Price / Assets (%) 14.62 14.64
Tangible Book Premium/ Deposits (%) 4.34 4.18
Deal Terms
Description of Consideration

Heartland Financial USA Inc. paid approximately $15.6 million in cash to acquire all of the outstanding shares of Heritage Bank NA. The purchase price represents a premium of approximately 1.24 times total equity.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 3,400
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stifel
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dorsey & Whitney LLP
Seller NA NA