GreatAmerica Completes Acquisition of Heritage Bank and Launches GreatAmerica Bank

GreatAmerica Completes Acquisition of Heritage Bank and Launches GreatAmerica Bank

CEDAR RAPIDS, Iowa - GreatAmerica Holdings, Inc., the parent company of GreatAmerica Financial Services Corporation, today announces the completion of its acquisition of Heritage Bank and launch of GreatAmerica Bank National Association.

With final regulatory approval secured, this milestone culminates a multi-year effort and positions GreatAmerica for its next phase of growth as a national bank.
Founded in Cedar Rapids in 1992 as a small-ticket leasing company serving the office imaging industry, GreatAmerica has grown into a diversified financial services provider supporting businesses across technology, healthcare, construction, franchise, additive manufacturing, specialty vehicle, automotive, and other markets nationwide.

With the launch of GreatAmerica Bank, the company joins a select group of independent equipment finance companies operating under a national bank charter.

This transaction marks a significant milestone in the company's evolution and strengthens its long-term ability to serve customers, invest in growth, and compete in an increasingly dynamic financial services market. It reflects years of planning, preparation, and collaboration with federal banking regulators.

"We're not becoming a bank to change who we are. We're becoming a bank because we believe in where we're going," said CEO Martin Golobic. "For 34 years, we've built this company by taking care of customers, building strong relationships, and playing the long game. Becoming a bank makes us stronger and gives us greater flexibility to invest in our future. That translates into more opportunities for our customers, our employees, and the communities that have supported us along the way."

John Turpen, President of GreatAmerica Bank, added, "This investment reflects what we can become and sets a higher standard for what comes next. We remain focused on delivering for our customers as we grow into this next chapter as a bank, with the same discipline, responsiveness, and partnership they expect from us."

Golobic concluded, "We've built something special here, and this positions us to build something even better. Even after more than three decades in business, with this next chapter ahead, it feels like we're just getting started."

GreatAmerica