Iowa-based Heartland Financial USA has completed the acquisition of Blue Valley Ban Corp (BVBC) and its subsidiary Bank of Blue Valley.
Image: Heartland Financial USA wraps up Bank of Blue Valley acquisition. Photo: Courtesy of Capri23auto/Pixabay.
Earlier this year, Heartland Financial USA signed a definitive agreement to acquire BVBC.
With the deal now closed, Bank of Blue Valley merged its operations with and into Heartland’s existing Kansas-based subsidiary, Morrill & Janes Bank and Trust Company, which had about $593m in total assets as of 30 September 2018.
The merged operations of Morrill & Janes Bank and Bank of Blue Valley will create Heartland’s fourth largest bank subsidiary with assets of about $1.3bn and 13 banking centers that caters to clients in Kansas City metropolitan area and surrounding communities.
Bank of Blue Valley chairman, president and CEO Robert Regnier, will lead Bank of Blue Valley as executive chairman and CEO. Morrill & Janes Bank president and CEO Wendy Reynolds has been appointed as the president of the combined bank.
Bank of Blue Valley operates as a full-service commercial bank serving Johnson County and the greater Kansas City metropolitan area from five full-service banking centers in Kansas.
The bank has $712m in total assets, about $564m of gross loans outstanding and about $587m of deposits as of 31 March 2019.
Similarly, Morrill & Janes Bank serves commercial businesses, professionals and individuals from eight offices and has about $565m in total assets, $339m of gross loans outstanding and $474m of deposits as of 31 March 2019.
Heartland executive operating chairman Lynn Fuller said: “We are excited to expand our presence in the vibrant Kansas City and Johnson County markets.
“Bank of Blue Valley brings a strong team of experienced bankers, focused on providing exceptional customer service, enhancing our current presence in the Kansas City metropolitan market and surrounding communities.
“Bob Regnier is well-known and respected in the Kansas City banking community. We are excited he and his team joined the Morrill & Janes Bank team to build on our success in the market.”