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Heartland Financial USA seeking to increase authorized common shares

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Heartland Financial USA seeking to increase authorized common shares

Dubuque, Iowa-based Heartland Financial USA Inc. is seeking shareholder approval to amend its certificate of incorporation to increase the company's authorized common shares to 60 million from 40 million.

The company's board believes that the increased authorization will support Heartland's future growth plans.

The company is also seeking shareholder approval of an amendment to the certificate of incorporation to increase the number of directors to 13 from 11. If the board size is increased, the board will have a greater number of directors with different backgrounds and increased breadth and depth of experience and skills for proper oversight of the company's affairs, the company said in a regulatory filing.

Shareholders will vote on the proposals at the company's annual stockholder meeting scheduled for May 22.