AMCORE Bank, a Northern Illinois-based wholly-owned subsidiary of AMCORE Financial, has reached a definitive agreement with Wisconsin-based Union Bank & Trust Company, to sell two branches located in the Wisconsin communities of New Glarus and Belleville.
Reportedly, the transaction includes approximately $21 million in loans and $36 million in deposits and sweep accounts. Union Bank & Trust is expected to consolidate the Belleville branch with its existing Belleville location.
William McManaman, chairman and CEO, AMCORE, said: “The decision to sell these branches is another step in AMCORE’s strategic efforts to improve profitability and efficiencies as we work to establish the solid foundation to rebuild our company into a successful and sustainable regional community bank. The sale reinforces that we are intently focused on actions that we believe will contribute to that success. Union Bank & Trust Company has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that AMCORE proudly provided.”
Stephen Eager, senior vice president, Union Bank & Trust, said: “The purchase of the New Glarus office fits well with our family of banks and allows us to serve a broader market. The consolidation of the Belleville office into our existing location strengthens our commitment to the Belleville area.”
However, the transaction is subject to regulatory and other customary closing conditions, and it is expected to close in the fourth quarter 2009.
