Heartland completes $40M capital raising as share purchase plan closes oversubscribed

Sun, 12 Mar 2017

By Jonathan Underhill March 13 (BusinessDesk) - Heartland Bank has completed $40 million of capital raising after its discounted share purchase plan closed more than three times oversubscribed. The lender raised $20 million selling shares to existing investors at $1.46 apiece, saying the offer would be scaled back because it received applications for $62 million of shares. That adds to $20 million it raised via a placement to institutional investors at the same price in December. The equity capital would help Heartland meet its requiremen...

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