Spartanburg, S.C.-based American Credit Acceptance LLC acquired the complete loan portfolio of two of Heartland Financial USA Inc.'s subsidiaries, Citizens Finance Co. and Citizens Finance of Illinois Co.
The assets of the two consumer finance subsidiaries of Dubuque, Iowa-based Heartland Financial stood at approximately $70 million at the time of acquisition.
Citizens Finance and Citizens Finance of Illinois will keep their Iowa, Illinois and Wisconsin offices open until the end of January to assist customers with the transition to American Credit Acceptance.
The transaction is not expected to have a material effect on Heartland's consolidated financial results.
Sandler O'Neill and Partners served as financial adviser to Heartland, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal adviser.