SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report March 1, 1997
(Date of earliest event reported)
HEARTLAND FINANCIAL, USA, INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-24724 42-1405748
(Commission File Number) (I.R.S. Employer
Identification Number)
1398 Central Avenue, Dubuque, Iowa 52001
(Address of principal executive offices) (Zip Code)
(319) 589-2000
(Registrant's telephone number, including area code)
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Item 5. Other Events
Effective March 1, 1997, Heartland Financial USA, Inc. (the
"Registrant") acquired all of the issued and outstanding stock of
Cottage Grove State Bank of Cottage Grove, Wisconsin, a Wisconsin
state bank ("Cottage Grove"), for $7,890,000 in cash pursuant to
the terms of a Stock Purchase Agreement dated November 8, 1996.
Following the acquisition, Cottage Grove became a wholly-owned
bank subsidiary of the Registrant. Additional information
regarding the acquisition is included in the press release
attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
99.1 Press Release dated March 4, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
HEARTLAND FINANCIAL USA, INC.
Dated: March 19, 1997 By:/s/ John K. Schmidt
John K. Schmidt
Chief Financial Officer
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INDEX TO EXHIBITS
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Exhibit Sequential
Number Description Page No.
<S> <C> <C>
99.1 Press Release dated March 4, 1997. 5
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PRESS RELEASE
March 4, 1997
FROM: Lynn B. Fuller, President
Heartland Financial USA, Inc.
P. O. Box 778
Dubuque, IA 52004-0778
CONTACT: John K. Schmidt
Chief Financial Officer
PBX (319) 589-1994
RELEASE: Immediate
HEARTLAND COMPLETES TRANSACTION
(Dubuque, IA) Lynn B. Fuller, president of Heartland Financial
USA, Inc., today announced that 100% of the outstanding stock of
the Cottage Grove State Bank of Cottage Grove, Wisconsin has been
purchased by Heartland. The transaction has received final
regulatory approvals and is effective March 1, 1997.
"I am delighted to have the Cottage Grove State Bank join the
Heartland family of community banks," said Fuller. "Heartland has
the resources to help the bank provide additional financial
services and to expand the market area currently being served,"
Fuller continued. "The affiliation of Cottage Grove State Bank
with Heartland is consistent with Heartland's goal of preserving
and enhancing the best traditions of community banking," Fuller
stated.
"I am very pleased that the Cottage Grove State Bank is now part
of the Heartland family," said Vernon Molbreak, bank president.
"I believe our employees see the bank taking an important step
that positions it to offer our personal and business customers a
wider variety of financial services," he said. "I am confident
that our customers will continue to receive great service because
our veteran bank staff remains in place, and the fact that
decision-making will be made here in Cottage Grove," Molbreak
stated.
The Cottage Grove State Bank had assets slightly in excess of $40-
million as of December 31, 1996. Heartland Financial is a
financial services company with $725-million of assets based in
Dubuque, Iowa. Heartland has banking operations in Iowa and
Illinois. It also owns a consumer finance company which has an
office located in Madison. It recently acquired ULTEA, a
commercial leasing company, which is headquartered in Madison.
