(GlobeNewswire) - Heartland Financial USA, Inc. (NASDAQ: HTLF) today announced that its consumer finance subsidiaries, Citizens Finance Co. and Citizens Finance of Illinois Co. (collectively, Citizens), have completed the sale of their existing loan portfolios totaling approximately $70 million to American Credit Acceptance, LLC (ACA), headquartered in Spartanburg, South Carolina. The transaction is not expected to have a material effect on Heartlands consolidated financial results.
Over the past 5 years, Heartland has strategically focused on growing and expanding its community banking businesses, said Bruce Lee, president and chief executive officer of Heartland. Our decision to exit the consumer finance business will allow us to sharpen our focus on our core businesses and execute on our strategic priorities.
All of Citizens 14 current offices located in Iowa, Illinois and Wisconsin will remain open through the end of January 2019 to assist customers with the transition to ACA. Sandler ONeill + Partners served as financial advisor to Heartland, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal advisor.
About Heartland Financial USA, Inc.Heartland is a diversified financial services company with assets of approximately $11.3 billion. The Company provides banking, mortgage, private client, investment, treasury management, card services and insurance services to individuals and businesses. Heartland currently has 122 banking locations serving 91 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland is available atwww.htlf.com.
Safe Harbor StatementThis release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartlands financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartlands management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartlands Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Companys general business; (iv) changes in interest rates and prepayment rates of the Companys assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.
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