Heartland Financial’s Sale of Citizens Finance


Sandler O’Neill + Partners served as financial advisor to Heartland, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal advisor.

Heartland Financial USA, Inc. (NASDAQ: HTLF) 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.

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.

Barack Ferrazzano advised Heartland Financial USA, Inc. with a team including Joseph T. Ceithaml, Emily N. Henkel and John E. Freechack.

Involved fees earner: Joseph Ceithaml – Barack Ferrazzano; John Freechack – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: Heartland Financial USA, Inc.;

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Author: Ambrogio Visconti