Amcore Bank, a wholly-owned subsidiary of Amcore Financial, has completed the sale of 12 branches and two stand-alone drive-ups to Illinois-based Midland States Bank. The branches are located in Dixon, Freeport, Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling.
The transaction includes up to $430m in loans, $495m in deposits and sweep accounts, up to $400m 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% deposit premium and a $1.5m trust account premium.
William McManaman, chairman and CEO of Amcore, 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 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.