Bank - Mergers and Acquisitions
AMCORE Bank completes sale of 2 Wisconsin branches
November 07, 2009 2:09 AM ET
By Asad Jawaid
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Rockford, Ill.-based AMCORE Bank NA ($4.36 billion) said Nov. 6 that it completed the sale of two of its branches, in Monroe and Argyle, Wis., to Beloit, Wis.-based First National Bank & Trust Co. ($642.2 million). The sale included about $70 million in loans, $135 million in deposits and sweep accounts, and up to $45 million in related trust accounts. The 401(k) plan business was not part of the sale and remains with AMCORE. The financial terms of the transaction were not disclosed. AMCORE Chairman and CEO William McManaman said in the news release that the sale is another step to raise capital. AMCORE Bank is a unit of AMCORE Financial Inc., and First National Bank is a unit of Centre 1 Bancorp Inc. |
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