AMCORE announces sale of New Glarus, Belleville branches to Union Bank & Trust
From press release
AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc., announced Nov. 19 it has completed the sale of its branches in the Wisconsin communities of New Glarus and Belleville to Union Bank & Trust Company of Evansville, Wis. The sale included approximately $19 million in loans, $31 million in deposits and sweep accounts. The financial terms of the transaction were not disclosed.
In making the announcement, AMCORE Chairman and Chief Executive Officer William McManaman 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 Union Bank & Trust Company has a strong community banking philosophy, and we believe it will continue to serve customers with the high-quality service that AMCORE proudly provided.”
Union Bank & Trust Company President Christopher Eager added: “The purchase of the New Glarus office fits well with our family of banks, and allows us to serve a broader market. The consolidation of the Belleville office into our existing location strengthens our commitment to the Belleville area.”
Union Bank & Trust Company, with headquarters in Evansville, Wis., was established in 1897 as the Grange Bank. It was purchased by Gertrude Eager in 1916. Union Bank & Trust Company continues to be a family-owned and family-managed institution with a full range of consumer and commercial banking and lending services.
Union Bank & Trust Company has banking assets of $151 million. Their family of banks include: The Bank of Brooklyn (Brooklyn, Wis.), The Bank of Belleville (Belleville, Wis.), The Bank of Oregon (Oregon, Wis.), and UB&T-New Glarus. Additional information about UB&T is available on the company’s Web site at www.ub-t.com.
AMCORE Financial, Inc., has headquarters in northern Illinois and has banking assets of $4.4 billion with 66 locations in Illinois and Wisconsin (excluding New Glarus and Belleville). AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, private banking, financial planning, investment management, insurance and comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol “AMFI.” Further information about AMCORE Financial, Inc., can be found at the company’s Web site at www.AMCORE.com.
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