Schmidt has served for 22 years as CFO of Heartland and was then given the additional role of president of the firm's Dubuque Bank and Trust subsidiary. He will continue to serve as a member of the Dubuque Bank and Trust and Heartland boards of directors after his departure.

The firm said it had been looking to recruit another CFO to support Schmidt in the areas of finance and treasury. The search for a successor CFO will continue among both internal and external candidates, it said.  

In the meantime, senior vice president David Horstmann, an eight-year Heartland employee and member of the firm’s finance team, will become interim CFO, while Lynn Fuller takes on COO responsibilities.

Heartland Financial USA is a financial services company that provides wealth management and investment services, among others, to individuals and businesses.

The bank has a presence in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota.