In business news: HTLF, formerly Heartland Financial USA which has a large footprint in Dubuque as the parent company of Dubuque Bank and Trust has announced it is being bought by rival UMB Financial in an all-stock deal valued at two billion dollars.
HTLF has 1,900 associates and UMB has 3,600. Until the transaction closes, the companies will continue to operate independently.
After the closing of the deal, former HTLF stockholders are expected to collectively hold about 31% of the combined company and five members of the HTLF board will join the UMB Financial board.
Heartland Financial was formed in Dubuque in 1981and relocated their headquarters to Denver, Colorado last year.
