Dubuque, Iowa-based Heartland Financial USA, Inc., and Blue Valley Ban Corp., have inked a deal for Heartland to acquire BVBC and its wholly-owned subsidiary, Bank of Blue Valley, Overland Park, Kan.
Founded in 1989, Bank of Blue Valley has $725 million in assets, $527 million in loans and $608 million in deposits as of Sep. 30. Bank of Blue Valley serves Johnson County and the greater Kansas City metropolitan area from five full-service banking centers in Kansas.
Following close of the merge in the second quarter, Bank of Blue Valley will merge into Heartland’s existing Kansas-based subsidiary, the $593 million Morrill & Janes Bank and Trust Company, which holds the first bank charter granted in Kansas. Morrill & Janes Bank has eight branches in Kansas and Missouri.
The combination of Morrill & Janes Bank and Bank of Blue Valley will create Heartland’s fourth largest bank subsidiary with assets of $1.3 billion which will operate under the Bank of Blue Valley brand.
Once the merger is complete, Robert D. Regnier, Chairman, President and CEO of Bank of Blue Valley, will be named the Executive Chairman and CEO of the combined bank and Wendy Reynolds, President and CEO of Morrill & Janes Bank will assume the role of President of the combined bank.
“We are growing our presence and adding scale in the vibrant Kansas City and Johnson County markets with a top-notch team dedicated to delivering an exceptional client experience,” said Lynn B. Fuller, executive operating chairman of Heartland. “Bob Regnier is well-known and respected in the Kansas City banking community. We are excited he and his team will be joining with the Morrill & Janes Bank team to expand and continue our success in the market.”
After completing the acquisition of BVBC, Heartland will have total assets of approximately $12 billion with 127 full-service banking locations operating in 12 states.