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Heartland Financial completes acquisition of Minnesota's Signature Bancshares

Dubuque, Iowa-based Heartland Financial USA Inc. on Feb. 23 completed its acquisition of Minnetonka, Minn.-based Signature Bancshares Inc. and unit Signature Bank.

Systems integration will be in the second quarter.

Signature Bank was merged into Heartland unit Minnesota Bank & Trust. Kenneth Brooks, the former president and CEO of Signature Bank, will serve as president and CEO of the combined entity. Leif Syverson will be executive vice president and Steven Thul will remain chairman.

The acquisition is expected to be accretive to earnings per share. The merger expands Heartland's presence in the Twin Cities metro market to two banking centers, with assets exceeding $620 million.

Signature Bank has around $409 million in assets, $335 million in net loans outstanding and $368 million in deposits as of Dec. 31, 2017. Heartland Financial has $9.81 billion in assets as of end-2017. It now operates 118 banking centers across 12 states.

Panoramic Capital Advisors Inc. and Dorsey & Whitney LLP served as Heartland's financial adviser and legal counsel, respectively. For Signature, Sheshunoff & Co. Investment Banking was financial adviser and issued a fairness opinion; Winthrop & Weinstine PA was legal counsel.