Heartland Financial USA in Dubuque, Iowa, is moving ahead with a plan to consolidate its 11 bank charters.
The $19.3 billion-asset company said in a press release Monday that the banks will collapse into a single Colorado-based charter. Each bank will operate under its own brand after the consolidation.
The effort is expected to begin in mid-2002 and be completed by the end of 2023.
Heartland expects to incur $19 million to $20 million of restructuring charges, with $1.9 million incurred last year. The move should save the company $20 million annually.