World News: 16:32 GMT Friday 11th January 2019. [Heartland Financial USA, Inc. via Globe Newswire via SPi World News]
DUBUQUE, Iowa, Jan. 11, 2019 (GLOBE NEWSWIRE) -- today announced that its consumer finance subsidiaries, Citizens Finance Co. and Citizens Finance of Illinois Co. (collectively, “Citizens”), have completed the sale of their existing loan portfolios totaling approximately $70 million to American Credit Acceptance, LLC (“ACA”), headquartered in Spartanburg, South Carolina. The transaction is not expected to have a material effect on Heartland’s consolidated financial results.
“Over the past 5 years, Heartland has strategically focused on growing and expanding its community banking businesses,” said Bruce Lee, president and chief executive officer of Heartland. “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.”
All of Citizens’ 14 current offices located in Iowa, Illinois and Wisconsin will remain open through the end of January 2019 to assist customers with the transition to ACA. Sandler O’Neill + Partners served as financial advisor to Heartland, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal advisor.
Bryan R. McKeag
Executive Vice President
Chief Financial Officer
Heartland Financial USA, Inc.
Globe Newswire: 16:32 GMT Friday 11th January 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.