It will assume approximately $21.5 million of deposits as well as certain other liabilities
First Bank, a subsidiary of Missouri-based First Banks and First Bankers Trust Company, National Association, a subsidiary of Illinois-based First Bankers Trustshares, have signed a branch purchase and assumption agreement for the sale of First Bank’s Springfield branch, Illinois to First Bankers Trust.
Reportedly, under the terms of the agreement, First Bankers Trust is to assume approximately $21.5 million of deposits as well as certain other liabilities. First Bankers Trust will also purchase approximately $1.7 million of loans as well as certain other assets, including premises and equipment. However, the transaction is subject to regulatory approvals and certain closing conditions, and is expected to be completed in the fourth quarter of 2009.
James Fassino, president of First Bank’s northern Illinois region, said: “First Bankers Trust has a strong reputation with a focus on community-oriented banking that will provide our Springfield customers with an expanded banking network in the West Central Illinois counties of Adams, Hancock, McDonough and Schuyler.”
Arthur Greenbank, president and CEO of First Bankers Trust, said, “We are excited to be entering the dynamic market of Springfield. We feel that we can offer the market a high level of service and top notch financial products which should benefit all of our new clients.”