Following completion of merger of Morrill Bancshares and its banking unit Morrill & Janes Bank and Trust Company, the new company will operate as a subsidiary of Heartland.
Operating 11 branch offices with a total of 110 staff, Morrill & Janes Bank and Trust Company had assets of nearly $751m, loans of $366m and deposits of $598m, as of 31 March 2013.
Post integration, the united company will have operations in ten states, including six in Midwestern and four in Western with 79 banking locations and assets of $5.6bn.
Systems conversion is expected to complete in the first quarter of 2014, while transaction is likely to conclude no later than 31 October 2013, pending regulatory approvals.
Morrill Bancshares current chairman and CEO Kurt Saylor will join the Heartland board of directors and will continue as chairman and CEO of Morrill & Janes Bank and Trust Company, after merger.
Keefe, Bruyette and Woods acted as investment advisor to Heartland, while Hovde Group served as financial advisor to Morrill Bancshares.
