AMCORE Bank, a wholly-owned subsidiary of AMCORE Financial, has sealed an agreement with First National Bank and Trust Company of Beloit, to sell two branches located in the Wisconsin communities of Monroe and Argyle.
The transaction includes approximately $70 million in loans, $140 million in deposits and sweep accounts, and up to $50 million in related trust accounts. The brokerage and 401(k) plan business are not part of the sale and will remain with AMCORE.
In making the announcement, William McManaman, chairman and CEO, AMCORE Bank, said: The decision to sell these branches is another step in AMCORE’s strategic efforts to improve profitability and efficiencies as we work to establish the solid foundation to rebuild our company into a successful and sustainable regional community bank. The sale reinforces that we are intently focused on actions that we believe will contribute to that success.
Steven Eldred, president and CEO of First National Bank and Trust, said: We believe this acquisition is good for the communities, since branch resources will be kept working right here in the Argyle and Monroe areas to serve the many needs of our neighbors. Customers can expect a broad array of products and services, including checking and savings programs, residential mortgages, commercial lending, wealth management and a variety of electronic conveniences such as mobile banking and online account opening.
