Denver-based Centennial Bank and Trust officially has a new parent company, a new president and a much bigger footprint.
Steven Ward, the bank’s new president, joined Centennial Bank from Illinois Bank & Trust in Rockford, Ill., where he spent the past eight years as president and CEO.
Heartland Financial USA Inc., which owns Illinois Bank & Trust, completed its acquisition of Centennial’s holding company, CIC Bancshares, on Friday.
Heartland, based in Dubuque, Iowa, merged Centennial into its Colorado subsidiary, Broomfield-based Summit Bank & Trust. The combined commercial bank, operating under the Centennial banner, will have more than $900 million in assets and 17 banking locations.
Kevin Ahern will be executive chairman at Centennial Bank. John Rhoades, formerly the president and CEO of Summit Bank & Trust, will be the bank’s vice chairman. Jim Basey will be the CEO.
Ahern and Basey were part of an investment group that started CIC in 2010 to take advantage of bargains available following the housing downturn and financial crisis. They grew it rapidly, including through the acquisition of .
