At the close of business on August 21, 2015, Community Bancorporation was merged into Heartland, and Community Bank was merged into New Mexico Bank & Trust, Heartland’s New Mexico bank subsidiary.
The merger agreement, which received Community Bancorporation shareholder approval and all regulatory approvals, was completed as an all-cash transaction valued at approximately $11.1 million and represented 149 percent of tangible book value. Heartland expects the transaction to be accretive to its earnings per share in 2015 and 2016, excluding one-time merger-related expenses.
As of June 30, 2015, Community Bank had assets of approximately $175 million, including $109 million of loans outstanding and $146 million of deposits. New Mexico Bank & Trust had assets of approximately $1.1 billion, including loans of $659 million and deposits of $891 million.
Following the consolidation of two Community Bank banking centers, the merger expands the number of New Mexico Bank & Trust locations from 14 to 17 and adds the communities of Espanola, Los Alamos and Tierra Amarilla in north central New Mexico to the bank’s service area.
