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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