Heartland Buys AIM

Heartland buys AIM.
   
Heartland Financial buys AIM Bancshares and AimBank for $280.4 million.
   
AimBank was founded in 1925 as the First National Bank of Littlefield. Today it’s a community bank based in Levelland, TX with $1.78 billion in assets, $1.16 billion in loans, and $1.54 billion in deposits. AimBank serves Lubbock, Midland-Odessa, Amarillo, Abilene, and other West Texas communities from 19 banking centers. It also has 6 full-service banking centers in Northeastern New Mexico.

AimBank will merge into Heartland’s existing Lubbock, TX-based subsidiary FirstBank & Trust which has $1.14 billion in assets. Founded in 1996, it specializes in business lending and deposit services, providing mortgage, private client, investment, treasury management, card services, and electronic banking programs. 8 locations serve the cities of Lubbock, Snyder, Wilson, Colorado City, Tahoka, and surrounding communities. This will create Heartland’s largest bank subsidiary with assets of $3 billion and 33 banking centers serving West Texas and Northeastern New Mexico.
    
Heartland is a diversified financial services holding company with assets of $13.2 billion. It provides banking, mortgage, private client, investment, treasury management, card services, insurance, and consumer finance to individuals and businesses. After completing the deal, Heartland will have assets of $15 billion with 140 locations serving 84 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas, and California.
    
Lynn Fuller of Heartland said: ‘We are highly impressed with the people and performance of AimBank and the solid community banking franchise they have built. We strongly believe in the growth prospects of the Texas market, and I am confident that AimBank will be an outstanding addition to the Heartland organization.’
   
Bruce Lee of Heartland added: ‘We entered the Texas market in 2018 through the acquisition of FirstBank & Trust and indicated that we fully expected to create a foundation for future growth. We are now delivering on this strategy through the AimBank acquisition. We are growing our presence and adding scale with a great new partner. AimBank has had remarkable growth both organically and through acquisitions while maintaining its efficiency. More importantly, AimBank has a similar culture to Heartland in the ways in which it engages its employees, serves its customers, and supports its communities. We are happy the AimBank team will be joining with the FirstBank & Trust team to expand and continue our success in the market.’
  
Barry Orr of FirstBank & Trust said: ‘We are excited about the opportunity to join forces with AimBank. We have immense respect for Scott Wade and his team of talented bankers. The leadership teams of our two institutions will be integrally working together to preserve our commitment to a quality customer experience. We are lucky to be joining two talented teams of local commercial banking professionals and staff with a broad knowledge of the communities and the clients they serve.’
   
Scott Wade of AimBank said: ‘We are delighted to reach this agreement with Heartland and look forward to joining such a high-quality organization. The combination of AimBank with the Heartland family of community banks increases our lending capabilities and gives us access to products and services offered by larger banks while preserving our legacy as a locally-led community bank. This is a great opportunity for our customers, who will enjoy a broader choice of banking products and will continue to deal directly with our current staff.’
   
Panoramic Capital Advisors and Stephens served as financial advisors to Heartland. Dorsey & Whitney served as legal advisor.
   
Hillworth Bank Partners served as financial advisor to AIM. Fenimore, Kay, Harrison & Ford served as legal advisor.

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