The Hancock-Henderson Quill, Inc.
Blandinsville -January 12, 2004 - Ron Peterson, President of First State Bank of Western Illinois and Dennis Iversen, President of UnionBank/West have announced that First State will acquire the Blandinsville, Illinois branch office of UnionBank/West.
The transaction is expected to be completed in early spring, subject to regulatory approval.
The assets of the Blandinsville Branch totaling $11 million will increase First State's footings to approximately $145 million, with six locations throughout Hancock and McDonough counties.
Mr. Peterson stated,
"First State has a 100 year commitment to providing strength and quality service to western Illinois and we renew that commitment to the Blandinsville community.
"We look forward to working with Donna Hyde, the rest of the staff and our new customers from Blandinsville and the surrounding area."
The original Blandinsville bank was opened in January 1908 as the First National Bank of Blandinsville. In 1993 the bank was acquired by UnionBank/West.
"The decision to divest of our Blandinsville facility came after an extensive analysis of our branch distribution network in the western region of the organization," remarked Mr. Iversen.
"We are pleased that we were able to come to an arrangement which was beneficial to all parties involved without compromising meeting the needs of this market's customer base."
First State is owned by Lamoine Bancorp, Inc., a widely held and locally owned one bank holding company with facilities in LaHarpe, Carthage, Hamilton and Macomb. UnionBank/West is a wholly-owned subsidiary of UnionBancorp, Inc.