Overview
The Barack Ferrazzano Financial Institutions Group acted as legal counsel to Heartland Financial USA, Inc. (NASDAQ: HTLF) in connection with the sale of its consumer finance subsidiaries, Citizens Finance Co. and Citizens Finance of Illinois Co. (collectively, “Citizens”), who completed the sale of their existing loan portfolios totaling approximately $70 million to American Credit Acceptance, LLC (“ACA”). This transaction is not expected to have a material effect on Heartland’s consolidated financial results.
This strategic transaction continues Heartland’s focus on growing and expanding its community banking businesses. President and chief executive officer of Heartland, Bruce Lee stated, “Our decision to exit the consumer finance business will allow us to sharpen our focus on our core businesses and execute on our strategic priorities.” Citizens’ current 14 office locations in Iowa, Illinois, and Wisconsin will remain open through the end of January 2019, to assist customers with the transition to ACA.
Barack Ferrazzano’s team was led by Joseph T. Ceithaml and was assisted by Emily N. Henkel and John E. Freechack.
To read more about this transaction, visit: https://globenewswire.com/news-release/2019/01/11/1690578/0/en/Heartland-Financial-USA-Inc-announces-sale-of-consumer-finance-subsidiary-Citizens-Finance.html
About Heartland Financial USA, Inc.
Founded in 1981, Heartland Financial USA, Inc. is a diversified financial services company with assets of approximately $11.3 billion. Based in Dubuque, Iowa, Heartland provides banking, mortgage, private client, investment, treasury management, card services, and insurance services to individuals and businesses. Currently, Heartland has 122 banking locations serving 91 communities nationwide.