AMCORE sells 12 branches, two drive-ups to Midland States Bank
From press release
AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc., announced March 29 it has completed the sale of 12 branches and two stand-alone drive-ups to Midland States Bank of Effingham, Ill. The branches are in Dixon, Freeport, Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling.
The transaction includes up to $430 million in loans, $495 million in deposits and sweep accounts, up to $400 million in trust and brokerage account relationships, as well as the branch facilities, related fixed assets and leases. In connection with the sale, AMCORE receives a 1.5 percent deposit premium and a $1.5 million trust account premium.
In making the announcement, AMCORE Chairman and Chief Executive Officer William McManaman said: “I would like to thank the employees and customers of the central Illinois region for their loyalty and support over the years. We are confident Midland States Bank will continue to serve this region with the same high quality service that AMCORE has proudly provided.”
AMCORE Financial, Inc., has headquarters in northern Illinois and has banking assets of $3.8 billion with 52 locations in Illinois and Wisconsin. 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.
Midland States Bank
Midland States Bancorp Inc. is a community-based bank holding company with headquarters in Effingham, Ill., and is the sole shareholder of its subsidiary, Midland States Bank (“MSB”). Established in 1881, MSB remains a locally-owned and locally-operated community bank, providing a full range of commercial and consumer banking products, trust and investment management, insurance, and financial planning services.
As a community banking institution, the company prides itself on establishing and maintaining relationships with its customers and is committed to serving the financial needs of the communities it serves.
MSB, which operates offices in Effingham, Centralia, Farina, Greenville, Vandalia, Columbia, Freeburg, Hecker, Smithton, Waterloo and Champaign, Ill., and in Chesterfield, Mo., has enjoyed the success of consistent profitability, increasing annual dividends, and capital well above regulatory requirements. Through local leadership, MSB has created a legacy of helping customers with all of their financial needs.
For more information, visit the company’s Web site at www.midlandstatesbank.com.
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