Dubuque-based Heartland Financial USA is continuing its aggressive expansion plans with the purchase of a Minnesota chain of banks. The deal marks Heartland’s 20th acquisition since 1994.
The bank holding company is buying Minnetonka, Minnesota-based Signature Bancshares for an estimated $53.4 million.
As part of the deal, Signature will merge into Heartland’s other Minnesota-based subsidiary, Minnesota Bank and Trust.
In a statement, Heartland president and CEO Lynn Fuller says he sees the purchase as a great opportunity to expand in the Twin Cities market.
The acquisition continues Heartland’s rapid growth in recent years, which includes the purchase of banking operations in Colorado and California since last fall.