Whitehall-based Heartland BancCorp has completed its acquisition of Ft. Mitchell, Ky.-based Victory Community Bank for 58,934 shares of Heartland common stock and $35.5 million in cash.
At the end of 2019, Victory Community Bank had total assets of $181 million, a loan portfolio of $147 million, and a deposit base of $137 million with branches in Boone, Kenton and Campbell counties in Kentucky.
“We welcome Victory Community Bank’s customers and employees to the Heartland family,” Heartland CEO G. Scott McComb said in a statement. “This merger expands our presence throughout Northern Kentucky and Cincinnati, and complements Heartland’s franchise. We are excited to join with the Victory Team and deliver quality community banking services to this vibrant market area.”
Heartland's financial advisor was D.A. Davidson & Co.; its legal counsel was Hunton Andrews Kurth LLP. Victory was advised by Boenning & Scattergood, Inc. and Dinsmore & Shohl LLP.