Fee income spurs nonbank acquisition for Heartland in Ohio
Heartland BancCorp in Whitehall, Ohio, has agreed to buy TransCounty Title Agency.
TransCounty provides commercial and residential title and escrow services. The firm, which also offers title searches, has five locations around Columbus, Ohio. Heartland did not disclose the price it will pay.
Generating noninterest income is “a significant part of our strategic plan, and this partnership will make for a good return for our shareholders,” Scott McComb, the $1 billion-asset Heartland's chairman, president and CEO, said in a Tuesday press release.
Heartland's noninterest income fell by 13% in the second quarter from a year earlier, to about $1 million.
"Risk mitigation, smooth closings, and well-informed clients create value in real estate transactions for all involved," McComb said.