Monday, January 31, 2022

Heartland moving ahead with charter consolidation

Heartland Financial USA in Dubuque, Iowa, is moving ahead with a plan to consolidate its 11 bank charters. 

The $19.3 billion-asset company said in a press release Monday that the banks will collapse into a single Colorado-based charter. Each bank will operate under its own brand after the consolidation. 

The effort is expected to begin in mid-2002 and be completed by the end of 2023. 

Heartland expects to incur $19 million to $20 million of restructuring charges, with $1.9 million incurred last year. The move should save the company $20 million annually.

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