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Heartland BancCorp Completes Acquisition of Northern Kentucky/ Cincinnati-Focused Victory Community Bank

Written by Customer Service on . Posted in Mergers And Acquisitions.

WHITEHALL, Ohio, April 08, 2020 (GLOBE NEWSWIRE) — Heartland BancCorp (“Heartland”) (OTCQX: HLAN), the holding company for Heartland Bank, an Ohio state member bank, today announced that, effective April 7, 2020, it had completed the acquisition of Victory Community Bank. As previously announced, the terms of the acquisition provide Victory Bancorp, Inc. (as the sole shareholder of Victory Community Bank) 58,934 shares of Heartland common stock and approximately $35.5 million in cash.
At December 31, 2019, Victory Community Bank had total assets of $181 million, a loan portfolio of $147 million, and a deposit base of $137 million with three banking locations in Boone, Kenton and Campbell counties in Kentucky.  Its former sister company, Victory Mortgage, LLC, which is affiliated with Fischer Homes, has mortgage lending offices in Louisville, Columbus, Indianapolis and Atlanta. As part of the merger, Victory Mortgage entered into a cooperation agreement with Heartland Bank for certain products and services to be provided to Heartland Bank post-closing.   “We welcome Victory Community Bank’s customers and employees to the Heartland family,” stated G. Scott McComb, Chairman and Chief Executive Officer.  “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.”Heartland was advised by D.A. Davidson & Co., as financial advisor, and Hunton Andrews Kurth LLP, as legal counsel.  Victory was advised by Boenning & Scattergood, Inc., as financial advisor, and Dinsmore & Shohl LLP, as legal counsel. About Heartland BancCorp

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