GreatAmerica Holdings, the parent company of GreatAmerica Financial Services, announced it has agreed to acquire Heritage Bank, opening the door to establishing a national bank.
Upon regulatory approval, the bank will be renamed GreatAmerica Bank National Association and will serve as an expansion of GreatAmerica’s commercial finance offerings, according to a July 17 release from GreatAmerica. Terms of the transaction were not disclosed.
The move positions GreatAmerica to offer a broader suite of financial solutions to small and medium-sized businesses, building on its 33-year legacy of equipment financing through manufacturers, distributors and dealers, according to the release. With creation of GreatAmerica Bank, the company would gain access to national markets with the backing of an FDIC-insured financial institution.
GreatAmerica Chief Executive Martin Golobic said the combination of GreatAmerica and Heritage Bank will enhance customer relationships and support growth. Iowa state-chartered Heritage Bank is based in Marion.
Founded in 1992, GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the United States, with more than $3.5 billion in assets and over $16 billion in life-to-date originations. The company employs over 750 people.
