GreatAmerica Holdings, the parent company of GreatAmerica Financial Services Corporation—the largest independent, family-owned national commercial equipment finance company in the U.S.—announced that it has agreed to acquire Heritage Bank, an Iowa state-chartered bank headquartered in Marion, Iowa, with additional branches in Hiawatha and Delhi, Iowa (Heritage Bank). Following the acquisition, Heritage Bank will operate under a new name: GreatAmerica Bank National Association.
GreatAmerica sees GreatAmerica Bank as a strategic growth move, combining GreatAmerica’s entrepreneurial spirit with the strength and stability of an FDIC-insured bank.
A $3.5 billion company, GreatAmerica was founded in Cedar Rapids, Iowa, in 1992, and has more than 750 employees across offices in Iowa, Illinois, Georgia, and Minnesota.
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“Our team is excited to continue working with the Heritage Bank team in moving towards the establishment of GreatAmerica Bank. The combined GreatAmerica and Heritage Bank will work in tandem at GreatAmerica Bank to continue growing and strengthening our existing customer relationships—while also building new ones—across all the industries we serve.”
“Having Heritage Bank join the GreatAmerica team 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. For the past 33 years, our manufacturer, equipment distributor, and dealer customers have relied on GreatAmerica to provide the financing needed by their customers to purchase equipment. Establishing GreatAmerica Bank is just one of the exciting things we are working on to support our customers into the future.”
GreatAmerica’s CEO Martin Golobic
