News

Boscobel & Madison, Wisconsin, March 4, 2021 – Boscobel, WI-based Community First Bank (CFB) and Madison, WI-based Wisconsin Bank & Trust, a wholly-owned subsidiary of Heartland Financial USA, Inc. (NASDAQ: HTLF), jointly announced today that they have entered into a purchase and assumption agreement, pursuant to which CFB will acquire the Wisconsin Bank & Trust branch located in Lancaster, Wisconsin and will assume substantially all of the deposits of the branch.

“The Board of Directors of Community First Bank is pleased to have the opportunity to add Lancaster to the communities we serve. Lancaster is a great community and geographic fit for Community First Bank,” said Chairman of the Board Tom Gildersleeve.   

Dan Klahn, President and Chief Executive Officer of Community First Bank, commented: “We are very excited to be able to expand our branch network to the Lancaster community and surrounding area.  We look forward to bringing our “Community First” culture to the community and welcome the employees of the branch, all of whom will be retained by CFB.  The leadership teams of the two institutions have a strong commitment to support the staff and customers through this transition, and we will be working together to preserve a quality customer experience.”

“Through different roles, I’ve worked in this community for 17 years”, said Shari Zenz, VP Senior Ag Business Banker for CFB. “I’m very excited to be back in this market to partner again with previous customers and new clients to help them achieve their goals.”

Wisconsin Bank & Trust President Brent Giles said, “Reaching this agreement with a community bank such as Community First Bank makes the most sense for our customers.” Giles stated that the local Board of Directors for Wisconsin Bank & Trust is grateful to the Lancaster community for their past support. The transaction is scheduled to be completed in July 2021, pending regulatory approval.

Advisors:

In connection with the transaction, Boardman & Clark LLP served as legal counsel for Community First Bank.  Edelman & Co., Ltd. served as financial advisor and Ballard Spahr LLP served as legal counsel for Wisconsin Bank & Trust.

About Community First Bank

Community First Bank (CFB) is an independent locally-owned community bank headquartered in Boscobel, Wisconsin, that currently has 9 locations throughout Southwest Wisconsin.  In 2020, CFB was honored to receive the Forbes’ Best-in State Bank recognition for Wisconsin.  This year, in 2021, CFB is celebrating 150 years of being a locally-owned and operated community bank that continues to evolve and provide innovative products and services to meet the needs of our diverse customer base. For more information, visit www.cfbank.com or call 608-375-4117. Community First Bank is a member of the FDIC and an Equal Housing Lender.

About Wisconsin Bank & Trust

Wisconsin Bank & Trust (WBT), a subsidiary of Heartland Financial USA, Inc. (NASDAQ: HTLF), is a business-focused community bank with assets of more than $1.2 billion. WBT serves customers in Madison, Milwaukee, Green Bay, Sheboygan, Monroe, and Southwest Wisconsin. WBT offers a wide range of personal and business banking services, including private client and mortgage lending services. For more information, visit www.wisconsinbankandtrust.com or call 608-203-1214. Wisconsin Bank & Trust is a member of the FDIC and an Equal Housing Lender.