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Heartland sells finance units to focus on banking

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Corridor Business Journal: Dubuque-based Heartland Financial USA has sold its Citizens Finance and Citizens Finance of Illinois units to American Credit Acceptance of Spartanburg, S.C., for $70 million, American Banker reported. “Over the past five years, Heartland has strategically focused on growing and expanding its community banking businesses,” Bruce Lee, Heartland’s president and CEO, said in a statement. “Our decision to exit the consumer finance business will allow us to sharpen our focus on our core businesses and execute on our strategic priorities.” All of Citizens’ 14 offices in Iowa, Illinois and Wisconsin will remain open through the end of January to assist customers with the transition to ACA, according to a news release.