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Heartland Financial to buy First Bank Lubbock for $185.6M

Dubuque, Iowa-based Heartland Financial USA Inc. is acquiring Lubbock, Texas-based First Bank Lubbock Bancshares Inc., in a deal valued at approximately $185.6 million.

Each First Bank Lubbock common share will be exchanged for 3.0934 shares of Heartland common stock, plus cash. The cash portion of the deal totals $17.5 million.

More details to follow.