AMCORE announces sale of $135 million in loans
From press release
AMCORE Bank, a wholly-owned subsidiary of AMCORE Financial, Inc., announced Dec. 14 the sale of approximately $135 million in non-strategic, non-relationship loans.
Terms of the deal were not disclosed. The loan sale is one of several events aimed at significantly improving the bank’s capital position. Other events include the completed sale of four rural Wisconsin branches in November, and recent tax legislation that will result in a federal income tax refund. The loan sale and the sale of the four branches will improve capital beyond the $25 to $30 million expected from the federal income tax refund.
In making the announcement, AMCORE Chairman and Chief Executive Officer William McManaman said: “The loan sale is another step in AMCORE’s strategic efforts to raise capital and improve liquidity as we continue to focus on serving our core markets. In addition, we continue to have discussions with numerous sources for capital and other initiatives are under way, as well as our efforts to stabilize our portfolio and reduce our non-performing loans.
“All of our employees are highly committed to continuing to serve our customers and continuing to improve our processes,” he continued. “Many are spending countless hours on these tasks with exceptional dedication. We know how important our role is to the communities and customers we serve.”
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