Strategic Insights into Banking & Fintech

Equipment finance company agrees to buy Heritage Bank in Iowa

GreatAmerica Holdings, which owns a commercial equipment finance company, has agreed to buy Heritage Bank in Marion, Iowa.

GreatAmerica did not disclose how much it would pay for the $40.4 million-asset Heritage, which it plans to rebrand as GreatAmerica Bank.

“GreatAmerica and Heritage Bank will work in tandem … to continue growing and strengthening our existing customer relationships—while also building new ones—across all the industries we serve,” Martin Golobic, GreatAmerica’s CEO, said in a press release.

The acquisition “will allow us to provide a more comprehensive suite of financing options to small- and medium-sized businesses looking to acquire the equipment necessary to support their growth,” Golobie added.

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