First Co Bancorp Inc., Collinsville, and Columbia Bancshares Inc., Columbia, announced Tuesday they have entered into a definitive stock purchase agreement for FCB to acquire Columbia’s subsidiary bank, Columbia National Bank in Columbia, Ill.
Immediately following the stock purchase, Columbia National Bank, or CNB, will be merged into FCB’s subsidiary bank, FCB Banks, Collinsville.
The combined organization will continue to serve customers from all current locations of FCB Banks and CNB. Kurt Stumpf, president of CNB, will become senior vice president of FCB Banks following the transaction and will continue to lead the Monroe County market.
The transaction has been approved by the boards of directors of FCB and Columbia. Completion of the transaction is subject to approval of the shareholders of Columbia, receipt of required banking regulatory approvals, and other customary closing conditions. The closing of the transaction is expected to occur later in 2019. The financial terms of the transaction are not disclosed.
“We are excited to welcome Columbia National Bank’s customers and team members to the FCB Banks family," said Mark Zavaglia, president and COO of FCB Banks. "Columbia National has built a solid community banking franchise through which FCB Banks can provide our extensive offerings of banking products, investment products, advanced technology, and services to Columbia National’s current and prospective clients. This acquisition will result in our first FCB Banks location in Monroe County.”
Kurt Stumpf, president of Columbia National Bank stated: “We are pleased to partner with a quality institution like FCB Banks, which has demonstrated commitment to the community bank business model, centered around exceptional customer service. Through this business combination, we will be able to offer an improved suite of products and technology to our customers. Our customers, employees, and community will immediately benefit from FCB Banks reputation, financial strength, and capabilities.”
About FCB and Columbia:
First Co Bancorp Inc. is a privately held Illinois corporation that is the parent company of FCB Banks, an Illinois chartered bank headquartered in Collinsville. The bank operates 13 full-service bank centers in the Illinois counties of Madison (Collinsville headquarters and locations in Collinsville, Highland, Edwardsville, Troy, and Maryville), St. Clair (locations in Belleville, Caseyville, Swansea, and O’Fallon), and Clinton (locations in New Baden, Trenton, and Albers). In addition, the bank operates two full-service bank centers in St. Louis County, Missouri
(Florissant and South County). For further information, see www.fcbbanks.com.
Columbia Bancshares Inc. is a privately held Illinois corporation that is the parent company of Columbia National Bank, a national bank that operates from one location in Columbia, Ill.