The Hancock-Henderson Quill, Inc.
Ron Peterson, President of First State Bank of Western Illinois and Tom Walsh, Illinois Regional President of Associated Bank have announced an agreement under which First State will acquire the Monmouth branch office of Associated Bank.
First State is owned by Lamoine Bancorp, Inc., a widely held and locally owned one- bank holding company with facilities in Carthage, LaHarpe, Macomb, and Hamilton.
With the Monmouth acquisition, expected to be completed (subject to regulatory approval) in early summer, and the previously announced purchase of the Blandinsville branch from Union Bank/West, expected to be completed the first week in May, First State will have nine banking locations in Hancock, McDonough, and Warren Counties.
First State, a community bank, offers a full range of traditional banking services, and full service brokerage. Information on First State Bank of Western Illinois is available at www.fsbwi.com.
Assets of the Monmouth branch will increase First State's assets to approximately $150 million.
Mr. Peterson stated,
"First State has a 100 year-old commitment to providing strength and quality service to western Illinois and we extend that commitment to the Monmouth community. Monmouth has long been a community into which First State has looked to expand. It is a vibrant community well located at the juncture of Route 67 and 34, both of which will soon be major arteries, and is surrounded by the best farmland in the world. We look forward to working with Mike Pearson and the staff to become a significant presence in the Monmouth community."
Mr. Walsh said, "Associated is continuously working to ensure our resources are deployed to most effectively meet the needs of as many customers as possible. By selling this branch to First State, Associated frees resources to invest in other markets."
Following the branch sale, Associated has 40 banking offices in its Illinois Region and will add a new location in Rockford this spring.
Associated Bank's Illinois Region is owned by Associated Banc-Corp based in Green Bay, Wisconsin.
More information is available at www.associatedbank.com.