MORTON COMMUNITY BANK TO ACQUIRE SPRINGFIELD-BASED ILLINI BANK
AND FARMERS STATE BANK OF CAMP POINT
Hometown Community Bancorp, Inc., parent company of Morton Community Bank, today announced it is acquiring Illini Corporation, parent company of Springfield-based Illini Bank and Farmers State Bank of Camp Point. The subsidiary banks will be merged following the completion of the parent company merger.
“This merger expands the Hometown Community Banks brand into the markets of Springfield and Lincoln and adds to our presence in our Bloomington-Normal and Western Illinois service areas,” said Jim Mamer, Co-CEO and President of Morton Community Bank. “Customers from both banks will benefit from having convenient access to locations throughout the Central Illinois region,” said Mamer.
Greg Birky, President and CEO of Illini Corporation, said “Our customers will continue to experience the same great service that they have come to expect from Illini Bank and Farmers State Bank of Camp Point. They’ll see substantial benefits from this combination of strong community banks. They will gain access to additional products and services, and the combined assets will substantially increase the available lending limit. Hometown Community Banks and the Banks of Illini Corporation share the same commitment to support the communities they serve.”
Mamer said the total assets of Morton Community Bank following completion of the acquisition will be about $3.7 billion. “We look forward to welcoming Illini Bank and Farmers State Bank of Camp Point employees and customers to the Hometown Community Banks’ family. This acquisition will be a seamless transition for customers. People will see the familiar faces they are used to seeing. Working together, our employees will enhance the services we offer to our customers,” said Mamer.
The acquisition is subject to shareholder and regulatory approval. Completion of the parent company acquisition is anticipated in the second quarter of 2016, and the merger of the subsidiary banks is expected to occur in the fourth quarter of 2016.
Morton Community Bank has more than 30 locations throughout Central Illinois. Morton Community Bank offers comprehensive banking services for both business and personal clients as well as electronic and online banking services. For more information, visit www.hometownbanks.com.
Illini Bank is the flagship bank of Illini Corporation, headquartered in Springfield. Illini Bank has 11 locations serving Sangamon, Christian, Logan and McLean County. For more information, visit www.illinibank.com.