KBRA Withdraws Ratings for Dubuque Bank and Trust Company

17 Oct 2023   |   New York


KBRA withdraws the deposit and senior unsecured debt ratings of A- and the short-term deposit and debt ratings of K2 for Heartland Financial USA, Inc.'s (NASDAQ: HTLF) ("the company") subsidiary, Dubuque Bank and Trust Company.

The withdrawal of the ratings coincides with HTLF's charter consolidation process, which began in early 2022, and is now complete following the consolidation of Dubuque Bank and Trust Company into HTLF Bank, which is the only surviving charter. In KBRA's view, the transaction is neutral to the ratings of HTLF Bank and the company. With that said, the consolidation is expected to reduce inefficiencies/redundancies and improve HTLF's operating efficiency to help support ongoing product and service enhancements. The total benefits are estimated to be approximately $20 million annually going forward.

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