Regulatory Alerts2025-12-15 | Conditional Approval 1357Added
Conditional Approval 1357 — Application by GreatAmerica, N.A. to acquire Heritage Bank, Marion, IA and merge with and into national bank
The Office of the Comptroller of the Currency conditionally approves the chartering of GreatAmerica Interim National Bank in Cedar Rapids, Iowa, and its subsequent merger with Heritage Bank in Marion, Iowa, with the surviving entity renamed GreatAmerica Bank National Association. The OCC also approves a $250 million increase in permanent capital, a non-controlling investment in Cemen Tech Capital, LLC, and a waiver of the geographic residency requirement for all board directors under 12 USC 72. The approval is subject to conditions requiring 60 days' prior notice for significant business plan deviations, a minimum tier 1 leverage ratio of 10 percent for the first three years, and receipt of a letter of no objection for new executive officers or directors. The approval automatically terminates if the merger is not consummated within six months, unless an extension is granted.