Commercial equipment finance company to acquire Iowa bank

Cedar Rapids, Iowa-based GreatAmerica Holdings is acquiring Marion, Iowa-based Heritage Bank. .The $3.5 billion GreatAmerica Holdings is the parent company of GreatAmerica Financial Services Corp., the largest independent, family-owned national commercial equipment finance company in the country. The company has more than 750 employees and offices in Iowa, Illinois, Georgia and Minnesota. Terms of the transaction have not been disclosed. The $40.4 million Heritage Bank has branches in three Iowa communities, Marion, Hiawatha and Delhi. Following the deal, Heritage Bank will operate under a new name, GreatAmerica Bank National Association. GreatAmerica CEO Martin Golobic said the acquisition will allow his company to offer more financing options to small- and medium-sized businesses seeking growth. "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," Golobic said.