Hills Bancorporation buys 19.2 acres in Iowa City for $20.7M to consolidate operations

HILLS BANCORPORATION

Purchase price $20,700,000 for 19.2 acres on former ACT campus in Iowa City.
Property includes ACT Ferguson and Davidsen Buildings; closing targeted for Q1 2027.
Hills Bank to consolidate operational teams at single location; HQ remains in Hills, Iowa.
Bank plans to lease excess space and explore community-oriented uses.
Transaction subject to regulatory approvals and standard real estate conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HILLS BANCORPORATION entered into Agreement of Purchase and Sale with not explicitly named (the Seller) valued at $20,700,000 (effective 2026-05-11).

Action: entry
Agreement: asset purchase
Counterparty: not explicitly named (the Seller)
Value: $20,700,000
Effective: 2026-05-11

Exact text from the filing

On May 11, 2026, Hills Bank and Trust Company ("Hills Bank"), a wholly-owned subsidiary of Hills Bancorporation (the "Company"), entered into an Agreement of Purchase and Sale (the "Agreement") for the acquisition of land and improvements consisting of approximately 19.2 acres, which is a portion of land commonly known as 200 and 500 ACT Drive, Iowa City, Iowa.

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HILLS BANCORPORATION filing history →

Source: SEC EDGAR

accession 0000732417-26-000058

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