Heartland Financial extends presence in Texas with acquisition of Lubbock bank
DUBUQUE, Iowa — Heartland Financial USA Inc. and First Bank Lubbock Banishers Inc. (FBLB) have agreed to a merger in which FBLB and its wholly owned subsidiary will acquire FirstBank & Trust.
“We are highly impressed with the people and performance of FirstBank & Trust and the solid community banking franchise they have built in Lubbock,” Heartland Chairman and CEO Lynn Fuller said in a press release. “When we first became acquainted over two years ago, it was immediately apparent that a partnership with FirstBank & Trust would be an excellent way for us to establish a sizable presence in Texas and a platform for further expansion. With our well-established and growing New Mexico franchise, acquiring FirstBank & Trust is a natural transition into West Texas."
The move marks the bank's second merger announcement over the past month and will create Heartland's 11th community bank charter, expanding its presence in Texas.
“The combination of FirstBank & Trust with the Heartland family of community banks significantly increases our lending capabilities and gives us access to products and services offered by larger banks while preserving our legacy as a locally-managed community bank," FirstBank & Trust Chairman, CEO and founder Barry Orr said in a press release.
According to Heartland, the closing of the merger transaction along with its previous acquisition of Signature Bancshares Inc., in MN will result in about $11.5 billion in assets for Heartland and the operation of 126 full-service banking locations throughout 12 states.