Fuller, Executive Operating Chairman of Heartland. “We are highly impressed with the people and performance of AimBank and the solid community banking franchise they have built,” said Lynn B. After completing the acquisition of ABI, Heartland will have total assets of approximately $15 billion with 140 full-service banking locations operating in 12 states. This bank subsidiary will operate under the FirstBank & Trust brand. The combination of AimBank and FirstBank & Trust will create Heartland’s largest bank subsidiary with assets of almost $3 billion and 33 banking centers serving West Texas and Northeastern New Mexico. Upon completion of the merger of ABI with and into Heartland, AimBank will merge with and into Heartland’s existing Lubbock, TX-based subsidiary, FirstBank & Trust (“FB&T”), which had approximately $1.14 billion in total assets as of Decemand operates eight full-service banking centers in West Texas.
AimBank also has six full-service banking centers in Northeastern New Mexico. The bank serves Lubbock, Midland-Odessa, Amarillo, Abilene and other surrounding West Texas communities from 19 full-service banking centers. AimBank is a full-service community bank, headquartered in Levelland, TX with approximately $1.78 billion in total assets, $1.16 billion in net loans outstanding and $1.54 billion in deposits as of December 31, 2019. The actual transaction value will change due to fluctuations in the price of Heartland common stock and is subject to certain potential adjustments as set forth in the merger agreement. Based on Heartland’s closing common stock price of $49.88 per share on February 10, 2020, the stock and cash transaction is valued at approximately $280.4 million, or $11,010.16 per share of ABI common stock (including the consideration to be paid in exchange for the termination of ABI stock options), subject to certain adjustments. The acquisition marks Heartland’s 17th acquisition since 2012.
(“ABI”), are pleased to announce they have entered into a definitive merger agreement pursuant to which Heartland will acquire ABI and its wholly owned subsidiary, AimBank. (“Heartland”) (NASDAQ: HTLF) and Levelland, TX-based AIM Bancshares, Inc. Announces Plan to Acquire AIM Bancshares, Inc.
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