From Illinois Business Journal news services
SPRINGFIELD — Town and Country Bank is making a presence in Metro East.
The subsidiary of Town and Country Financial Corp. and Centrue Bank, a subsidiary of Centrue Financial Corp., have signed a purchase and assumption agreement that will allow Town and Country to acquire the Centrue facility in Fairview Heights.
The transaction has been unanimously approved by both companies’ boards of directors and is expected to close late in the second quarter of 2016, subject to customary closing conditions and regulatory approval.
“Town and Country Bank is extremely pleased with the opportunity to continue our expansion in the Metro East market of St. Louis,” Micah R. Bartlett, president and CEO of Town and Country Bank, said. “This transaction compliments our pending acquisition of the Premier Bank of Jacksonville and The EDGEBank branch located in Edwardsville, Illinois.”
He said the moves represent part of a strategic growth plan to position Town and Country “as a leading banking franchise in downstate Illinois. We look forward to bringing our unique brand of banking to our new customers and markets.”
Kurt Stevenson, president and CEO of Centrue Bank, stated, “This transaction allows Centrue to focus our energies and resources in building our core banking markets, while transitioning our Fairview Heights customers and employees to an organization that shares similar values as Centrue. We believe Town and Country will continue to serve our customers well and be a positive and progressive employer for our Fairview Heights employees.”
David E. Kirschner, executive chairman of TCFC, added, “This acquisition is the seventh in our company’s history. We look forward to providing innovative products and services to our new customers in Fairview Heights, while also continuing to deliver increased value to our shareholders.”
About Town and Country Financial Corp.
Town and Country Financial Corporation is a financial holding company headquartered in Springfield, Ill., with in excess of $500 million in total assets as of Sept. 30. With its pending acquisition of Premier Bank of Jacksonville, the company anticipates total assets of approximately $700 million. Its subsidiaries include Town and Country Bank and Town & Country Banc Mortgage Services, Inc. with nine offices in Buffalo, Decatur, Lincoln, Mount Zion, Springfield, and Peoples Prosperity Bank (a division of Town and Country Bank) in Quincy. The company provides retail, commercial, agricultural, and mortgage banking, as well as trust and investment services to families, businesses and organizations. For more information visit www.townandcountrybank.com
About Centrue Financial Corp.
Centrue Financial Corp. is a regional financial services company headquartered in Ottawa, Illinois and devotes special attention to personal service. Centrue serves a market area which extends from the far western and southern suburbs of the Chicago metropolitan area across Central Illinois down to the metropolitan St. Louis area. For more information about Centrue, visit www.centrue.com.