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Heartland Financial completes acquisition of First Bank Lubbock

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Heartland Financial completes acquisition of First Bank Lubbock

Dubuque, Iowa-based Heartland Financial USA Inc. on May 18 closed its acquisition of Lubbock, Texas-based First Bank Lubbock Bancshares Inc. and its subsidiary First Bank & Trust.

The aggregate deal value at completion was about $203.2 million in Heartland Financial common stock and cash, based on Heartland Financial's closing stock price of $55.05 per share as of May 18. Shareholders of First Bank Lubbock common stock received 3.0934 shares of Heartland Financial's common stock and $5.015 in cash for each share of First Bank Lubbock common stock, subject to certain tax hold-back provisions of the deal relating to the stock portion of the merger consideration.

In addition, holders of First Bank Lubbock's stock appreciation rights will receive cash payments from Heartland Financial of about $13.3 million. Heartland Financial anticipates the transaction to be immediately accretive to earnings per share. Systems integration is planned for the third quarter.

First Bank & Trust will continue to operate under its current brand name and management team as Heartland Financial's 11th state-chartered bank. First Bank & Trust, as of March 31, had about $972 million in assets, gross loans outstanding of $705 million and deposits of $869 million.