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Heartland to issue convertible preferreds to CIC convertible holders
By Wendy Van Sickle
Columbus, Ohio, Feb. 11 – Heartland Financial USA, Inc. will issue 3,000 shares of 7% senior non-cumulative perpetual convertible preferred stock, series D, following its acquisition of CIC Bancshares, Inc., according to an 8-K filing with the Securities and Exchange Commission.
Following the acquisition, which closed Feb. 5, each share of CIC’s 7% senior non-cumulative perpetual convertible preferred stock, series B, was converted into and exchanged for the right to receive one share of the Heartland series D preferred stock.
The Heartland preferred stock will have substantially identical economic rights to the CIC series B preferred stock, except the Heartland series D preferred stock will be convertible into Heartland common stock rather than CIC class A common stock.
Heartland is a Dubuque, Iowa-based financial and banking services provider.
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