Heartland Takes over Elizabeth State Bank

Posted on Tuesday, July 7th, 2009 at 2:12 am    

Heartland Financial USA of Dubuque has acquired a failed Illinois bank. Elizabeth State Bank was acquired in a loss share transaction which the Federal Deposit Insurance Corp facilitated.

All former Elizabeth State Bank branches have reopened as Galena State Bank branches, a subsidiary of Heartland Financial. Galena has agreed to purchase about $52.3 million in assets as part of the acquisition.

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