Riverside Community Bank announces merger
Riverside Community Bank, a subsidiary of Heartland Financial USA, Inc., announced Tuesday, Sept. 23, it will change its name to Illinois Bank & Trust. The name change is part of a merger with sister bank, Galena State Bank and Trust Co., of Galena, Illinois.
The new name will be implemented in November for the Riverside locations and in January 2015 for the Galena locations. The new name will unite both entities and serve clients under a common brand, fostering opportunities to expand the bank’s presence in the state.
Currently, Riverside Community Bank serves the Rockford market from four locations with additional offices in Sterling, Seaton and Rock Falls. Galena State Bank has two locations in Galena, and additional offices in Elizabeth and Stockton. The combined Illinois Bank & Trust will serve northwestern and west central Illinois from 11 locations with assets of more than $800 million.
Steven E. Ward, president and CEO said: “As the banking industry has experienced continued consolidation, it has been the goal of our parent company, Heartland Financial USA, Inc., to operate one bank charter per state to better serve our customers and expand into new market areas. As a result of our banks’ successful growth in Illinois, we are in a position to expand our footprint in the state. Though the name is new, our business practices and principles will remain the same. Our attributes of financial strength and value-added services, combined with our expansion and long heritage in the State of Illinois, all lead to this change.”
No layoffs are expected. Customers will continue to count on the same employees they know and trust, the same solid community support, superior face-to-face personal service, and competitive financial products, Ward said. Bank customers will be notified of the change in coming days. Meanwhile, new signage will be installed on buildings while new logos will appear on the website and bank statements.
“We anticipate the transition to be complete in the first quarter of 2015,” Ward added. “We believe our clients will find the new name reflects a solid and time-tested community banking organization that serves consumer, small business, commercial and wealth management markets. We will continue to provide services that compete head-to-head with our competitors — while offering our traditional personal service that customers value in community banking.”
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $5.9 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 77 banking locations in 57 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas and Missouri and loan production offices in California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and Nebraska.