AMCORE Bank, a wholly-owned subsidiary of AMCORE Financial, has completed the sale of its branches in the Wisconsin communities of Monroe and Argyle to Wisconsin-based First National Bank and Trust.
AMCORE Bank said that the sale included approximately $70m in loans, $135m in deposits and sweep accounts, and up to $45m in related trust accounts. However, the 401(k) plan business was not part of the sale and remains with AMCORE. The financial terms of the transaction were not disclosed.
William McManaman, chairman and CEO of AMCORE, said: “The sale of these branches is another step in AMCORE’s strategic efforts to raise capital as we continue to focus on serving our core markets. We are pleased that First National Bank and Trust has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that AMCORE proudly provided.”
Steven Eldred, president and CEO of First National Bank and Trust, said: “For more than 127 years we’ve provided great service and sound financial advice to the Stateline. Our goal is simple; to help our customers succeed financially. In doing this we build a brighter future for our employees, customers and the communities we serve. We are proud to bring our brand of community banking to Monroe and Argyle.”
