Heartland Financial Acquires Freedom Bank

(RTTNews) - Heartland Financial USA, Inc. (HTLF) said Friday that it has acquired Freedom Bank in Sterling, Illinois, from its parent company, River Valley Bancorp, Inc.

The acquisition of Freedom Bank was arranged through a negotiated transfer of ownership with Heartland's flagship bank, Dubuque Bank and Trust Co. Freedom Bank is a $67 million community bank headquartered in Sterling, Illinois, with branch offices in Rock Falls and Seaton, Illinois.

Freedom Bank will operate independently as a subsidiary of Dubuque Bank and Trust Company under its current name, staff and systems until at least the first quarter of 2014.

Heartland plan to apply at that time for regulatory approval to consolidate Freedom with Riverside Community Bank, Heartland's Rockford, Illinois-based bank.