JULY Announces Third Acquisition Transaction of 2023 with HTLF’s Retirement Plan Recordkeeping and Administration Business

  • Waco, Texas, (May 16, 2023) 

July Business Services, LLC (“JULY”), a leading national provider of 401(k) plan services to small to mid-sized employers, has entered into its third acquisition transaction of 2023 with Heartland Financial USA, Inc. subsidiary, Dubuque Bank and Trust Company, and its division HTLF Retirement Plan Services (“HTLF”) to acquire its recordkeeping and administration business.  The transaction serves JULY’s initiative to accelerate growth through strategic acquisitions that value cultural fit and organizational talent to help grow the company’s market-ready capabilities.

HTLF’s team of credentialed employees provides retirement plan services to small and mid-sized companies with an emphasis on high-touch service and customized plan designs.  Core recordkeeping and administration team members are joining JULY in similar roles, strengthening JULY’s team and ensuring HTLF clients maintain consistent service from familiar faces.  HTLF Retirement Plan Services will continue to support clients in its capacity as advisor and 3(38) investment fiduciary and is partnering with JULY to expand offerings to support future growth.

“We are thrilled to bring such a talented group of employees into the JULY family,” states John Humphrey, CEO of JULY. He continued, “With over 20 credentialed employees experienced in serving slightly larger clients than JULY’s average plan, this transaction will help us enhance our service model for our current book of mid-size clients. We are also glad to have the opportunity to support HTLF’s ongoing sales and future growth efforts via a co-branded suite of retirement products we built in tandem with the HTLF team.”

“By partnering with an experienced recordkeeper like JULY, HTLF is enhancing its service model for our clients.  JULY and its team specialize in 401(k) recordkeeping which allows us to focus more on our strength as investment advisors and fiduciaries.  The JULY partnership will also allow us to introduce new technology, expanded services, and enhanced tools for employers and participants,” states Randy Martinez, SVP, Director of Operations at HTLF.  “We’re excited to have found such a forward-thinking partner and are excited for continued growth together.”

With this transaction, JULY serves more than 7,000 clients and $9.6B in plan assets.

The transaction was matched by Steve Pulley, Founder and CEO of Pulley Advisors LLC. “Steve included JULY as a valuable option for HTLF RPS. His approach to introducing our organization, open dialogue, and requirements analysis allowed both parties to move quickly to negotiate a mutually beneficial outcome,” shares John Humphrey.

    • About JULY:

    JULY offers a modern suite of retirement plan solutions aimed at putting workplace plans within the reach of millions of small businesses. JULY’s proprietary technology solutions streamline, automate, and simplify all facets of retirement plan setup and operation while its high-touch service model elevates the experience of employers, their employees, and their financial advisors. Today, JULY serves more than 7,000 401(k), cash balance, defined benefit, and other retirement plans across the country and provides expert white label and back-office support for other organizations. Please visit us at www.julyservices.com to learn more.

      • About HTLF:

      Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $20.2 billion as of March 31, 2023.  HTLF’s banks serve communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin.  HTLF is committed to its core commercial business, supported by a strong retail operation, and provides a diversified line of financial services including treasury management, wealth management, investments and residential mortgage.  Additional information is available at www.htlf.com.

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