Bank also announces plan to join with sister bank, Riverside
Community Bank, of Rockford
Company Website:
http://www.galenastate.com
GALENA, Ill. -- (Business Wire)
Galena State Bank and Trust Co., a subsidiary of Heartland Financial
USA, Inc. (NASDAQ:HTLF) announced today that it will change its name to
“Illinois Bank & Trust.” Simultaneously, the bank announced plans to
merge with its sister bank, Riverside Community Bank, located in
Rockford, IL. The name change and merger will take place in January 2015
for Galena State Bank, while the new name for Riverside Community Bank
will be implemented in November 2014. The new name will unite both
entities and serve clients under a common brand, fostering opportunities
to expand the bank’s presence in the state.
Currently, Galena State Bank serves the Galena, IL market from two
locations in Galena, with additional banking centers in Elizabeth and
Stockton. Riverside Community Bank serves the Rockford, IL market from
four locations with additional offices in Sterling, Seaton and Rock
Falls, IL. The combined Illinois Bank & Trust will serve northwestern
and west central Illinois from 11 locations with assets of more than
$800 million.
Robert M. Eby, President and CEO of Galena State Bank said, “As the
banking industry has experienced continued consolidation, it has been
the goal of our parent company, Heartland Financial USA, Inc., to
operate one bank charter per state to better serve our customers and
expand into new market areas. As a result of our banks’ successful
growth in Illinois, we are in a position to expand our footprint in the
state. Though the name is new, our business practices and principles
will remain the same. Our attributes of financial strength and
value-added services, combined with our expansion and long heritage in
the State of Illinois, all lead to this change.”
“Our customers will continue to count on the same employees they know
and trust, superior face-to-face personal service, and competitive
financial products. The Galena, Stockton and Elizabeth Banking Centers
will continue to magnify our strong commitment and ties to the
communities we serve,” added Eby.
“Customers in each of the bank’s markets will be notified of the change
in coming days,” said Eby. “One major change customers will see is the
bank’s new name and logo on buildings, our website and statements. We
anticipate the transition to be complete in the first quarter of 2015.”
“We believe our clients will find the new name reflects a solid and
time-tested community banking organization that serves consumer, small
business, commercial and wealth management markets. We will continue to
provide services that compete head-to-head with our competitors — while
offering our traditional personal service that customers value in
community banking,” concluded Eby.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $5.9 billion diversified financial
services company providing banking, mortgage, wealth management,
investment, insurance and consumer finance services to individuals and
businesses. Heartland currently has 77 banking locations in 57
communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana,
Colorado, Minnesota, Kansas and Missouri and loan production offices in
California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and
Nebraska. Additional information about Heartland Financial USA, Inc. is
available at www.htlf.com.
Safe Harbor Statement
This release, and future oral and written statements of Heartland and
its management, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 about
Heartland’s financial condition, results of operations, plans,
objectives, future performance and business. Although these
forward-looking statements are based upon the beliefs, expectations and
assumptions of Heartland’s management, there are a number of factors,
many of which are beyond the ability of management to control or
predict, that could cause actual results to differ materially from those
in its forward-looking statements. These factors, which are detailed in
the risk factors included in Heartland’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission, include, among
others: (i) the strength of the local and national economy; (ii) the
economic impact of past and any future terrorist threats and attacks and
any acts of war, (iii) changes in state and federal laws, regulations
and governmental policies concerning the Company’s general business;
(iv) changes in interest rates and prepayment rates of the Company’s
assets; (v) increased competition in the financial services sector and
the inability to attract new customers; (vi) changes in technology and
the ability to develop and maintain secure and reliable electronic
systems; (vii) the loss of key executives or employees; (viii) changes
in consumer spending; (ix) unexpected results of acquisitions; (x)
unexpected outcomes of existing or new litigation involving the Company;
and (xi) changes in accounting policies and practices. All statements in
this release, including forward-looking statements, speak only as of the
date they are made, and Heartland undertakes no obligation to update any
statement in light of new information or future events.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140923006665/en/
Contacts:
Illinois Bank & Trust
Robert M. Eby, 815-777-0663
President
and CEO
REby@galenastate.com
Source: Heartland Financial USA, Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.