GreatAmerica Announces Application to Establish National Bank and Acquire Heritage Bank

FOR IMMEDIATE RELEASE

GreatAmerica Announces Application to Establish National Bank and Acquire Heritage Bank

Cedar Rapids, Iowa – July 17, 2025 – GreatAmerica Holdings, Inc. (GreatAmerica Holdings), the parent company of GreatAmerica Financial Services Corporation, the largest independent, family-owned national commercial equipment finance company in the U.S. (GreatAmerica), announced that it has entered into an agreement to purchase Heritage Bank, an Iowa state-chartered bank headquartered in Marion, Iowa, with additional branches in Hiawatha, Iowa and Delhi, Iowa (Heritage Bank). Following the acquisition, which remains subject to regulatory approval, Heritage Bank will operate under a new name: GreatAmerica Bank National Association.

"Our team is excited to continue working with the Heritage Bank team in moving towards the establishment of GreatAmerica Bank," said GreatAmerica's CEO, Martin Golobic. "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."

GreatAmerica views GreatAmerica Bank as a strategic expansion, aligning GreatAmerica entrepreneurialism with the strength and stability of an FDIC-insured banking institution.

"Having Heritage Bank join the GreatAmerica team will allow us to provide a more comprehensive suite of financing options to small- and medium-sized businesses looking to acquire the equipment necessary to support their growth," said Golobic. "For the past 33 years, our manufacturer, equipment distributor, and dealer customers have relied on GreatAmerica to provide the financing needed by their customers to purchase equipment. Establishing GreatAmerica Bank is just one of the exciting things we are working on to support our customers into the future."

A $3.5 billion company, GreatAmerica was established in Cedar Rapids, Iowa, in 1992 and has a staff of over 750 employees with offices in Iowa, Illinois, Georgia and Minnesota.