Heartland Financial USA Inc. Signs Definitive Agreement to Acquire Colonial Trust Co.'s Wealth Management Group
Heartland Financial USA Inc. announced on March 25 that it has signed an agreement to acquire, through its Dubuque Bank & Trust Co. (DB&T) subsidiary, the Wealth Management Group of Colonial Trust Co., a publicly held Arizona trust company based in Phoenix. Heartland is the parent company of ULTEA Inc., a fleet management company with offices in Madison and Milwaukee, Wis.; Chicago, and Minnetonka, Minn.Subsequent to the completion of the acquisition, Heartland expects to transfer the acquired assets and fiduciary accounts to its Arizona Bank & Trust (AB&T) subsidiary bank and enter into an inter-bank service agreement that will allocate all of the costs and revenues of the acquired trust business to DB&T. This agreement will remain in effect until both parties agree to terminate it.The company also announced that it expects to open a second office of Arizona Bank & Trust in Chandler, Ariz., in May 2004. Heartland opened AB&T's flagship office in August 2003, in Mesa, Ariz. AB&T President and CEO William F. Frank cited the expected Chandler office opening, as well as the proposed Colonial Wealth Management Group acquisition, as important milestones in the ongoing expansion into the bank's market area.