Heartland Financial USA has completed the acquisition of First Scottsdale Bank, National Association, in Scottsdale, Arizona in an all-cash transaction worth nearly $17.7m.
Following the completion of the acquisition, First Scottsdale Bank was merged into Arizona Bank & Trust, which is Heartland’s Arizona bank subsidiary.
The merger expands the footprint of Arizona Bank & Trust to eight locations as well as adds Gold Canyon to the bank’s service area.
The merger deal has secured regulatory and First Scottsdale Bank shareholder approvals.
First Scottsdale Bank managed assets worth about $96m as of 30 June 2015, including $63m in loans outstanding and $79m in deposits.
Arizona Bank & Trust manages assets of about $511m, including $384m in loans and $406m in deposits.