US banks merger : Heartland BancCorp acquires Victory Bancorp for $41m
Heartland BancCorp acquisition of Victory Bancorp : Heartland BancCorp has completed its $41.1 million acquisition of Kentucky-based bank holding company Victory Bancorp, a deal that was signed in December 2019.
While Heartland BancCorp is the holding company of Heartland Bank, an Ohio state member bank, Victory Bancorp, is the owner of the Victory Community Bank, a federal savings association whose main office is in Ft. Mitchell.
Victory Community Bank is a 16-year-old community bank that caters to the Northern Kentucky and Greater Cincinnati area, providing mainly residential mortgage lending services.
At the close of the year 2019, Victory Community Bank had total assets of $181 million, $137m in deposit base, and a loan portfolio of $147 million. The community bank operates three branches in Kentucky in Boone, Kenton, and Campbell counties.
As per the merger terms, Victory Mortgage, the former sister company of Victory Community Bank, agreed to offer some services and products to Heartland Bank.
Established in 1911, Heartland Bank offers financial planning services, commercial, small business, and consumer banking services apart from other financial products and services.
Heartland BancCorp acquisition of Victory Bancorp takes the assets under management of the former to about $1.32 billion.
As agreed, Victory Community Bank will be merged into Heartland Bank which will be the surviving bank.
As per the merger terms, Victory Bancorp has been issued 58,934 Heartland BancCorp’s shares along with $35.5 million for 100% of its shares.
Scott McComb – Chairman and CEO of Heartland BancCorp, commenting on Heartland BancCorp acquisition of Victory Bancorp, 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.”