Victory Bancorp gets 58,934 shares of Heartland BancCorp plus $35.5m in cash in exchange of all its shares

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Heartland BancCorp completes acquisition of Victory Bancorp. (Credit: Gerd Altmann from Pixabay)

Heartland BancCorp, the parent company of Ohio state member bank Heartland Bank, has wrapped up its previously announced $41.1m acquisition of Victory Bancorp, the holding company of Victory Community Bank.

Headquartered in Kentucky, Victory Community Bank is a federal savings association with a main office in Ft. Mitchell. For about 16 years, the community bank has been providing residential mortgage lending services across the Northern Kentucky and Greater Cincinnati areas.

As per the terms of the deal announced in December 2019, Victory Bancorp gets 58,934 shares of Heartland BancCorp plus $35.5m in cash in exchange of all its shares. The deal has been closed following receipt of all regulatory approvals and meeting of other customary closing conditions.

As of 31 December 2019, Victory Community Bank held $181m in total assets, a loan portfolio of $147m, and $137m in deposit base. The bank has three locations in Boone, Kenton and Campbell counties in Kentucky.

As part of the merger, the bank’s former sister company, Victory Mortgage signed a cooperation agreement with Heartland Bank to provide certain services and products to the latter. Affiliated with Fischer Homes, Victory Mortgage has mortgage lending offices in Louisville, Columbus, Atlanta, and Indianapolis.

Heartland BancCorp CEO comments on acquiring Victory Community Bank

Heartland BancCorp chairman and CEO Scott McComb said: “We welcome Victory Community Bank’s customers and employees to the Heartland family.

“This merger expands our presence throughout Northern Kentucky and Cincinnati, and complements Heartland’s franchise.  We are excited to join with the Victory Team and deliver quality community banking services to this vibrant market area.”

According to the terms of the merger, Victory Community Bank will be merged with Heartland Bank with the latter to be the surviving banking firm.

Heartland Bank, which was founded in 1911, provides commercial, small business, and consumer banking services, financial planning services, and other financial products and services.

The enlarged bank holding company Heartland BancCorp will hold around $1.32bn in assets.