Its sole shareholder is looking to sell TSB to Heartland for $620 million in return for a 17.5 percent stake in a new entity.

Scale expected to improve product offering.

Heartland Bank and TSB aim to create a bank that could compete with the big banks in the regions.

A proposed $620 million multi-million-dollar merger between Heartland and TSB is set to create a new full-service challenger bank with a major regional focus.

Heartland Bank assures that its product offering will be maintained.

Its sole shareholder is looking to sell TSB to Heartland for $620 million in return for a 17.5 percent stake in a new entity.