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SEC filingHills Bancorporation's subsidiary Hills Bank entered into an agreement on May 11, 2026, to acquire approximately 19.2 acres of land and improvements at 200 and 500 ACT Drive, Iowa City, Iowa, for $20,700,000 to consolidate operations.
Hills Bank's entry into the Agreement of Purchase and Sale represents a strategic real estate acquisition to support operational consolidation amid sustained growth, as the bank has reached capacity in existing facilities. The 19.2-acre property, including the ACT Ferguson and Davidsen Buildings, offers space for collaboration, efficiency, and future expansion while allowing leasing of excess capacity and community engagement. The $20.7 million purchase price reflects investment in a professionally repurposed campus, with closing targeted for Q1 2027 pending regulatory approvals and due diligence. This move reinforces the bank's commitment as an independent community institution without relocating its century-old headquarters in Hills, Iowa, balancing growth needs with local roots.