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.