February 21, 2017
Bloomington, MN - Legence Bank, a wholly-owned subsidiary of the holding company First Eldorado Bancshares, Inc. in Eldorado, IL, signed an agreement, on February 21, 2017, to purchase eight southern Illinois bank branches from Bloomington, MN based MidCountry Bank for an undisclosed sum, pending customary regulatory approval. The branches, located in Benton, Carbondale, Johnston City, Marion Heights, Marion West, Metropolis, Mounds, and Mt. Vernon, have approximately $146 million in deposits. The acquisition and conversion are expected to be complete in the third quarter of 2017, and will bring Legence Bank’s assets to approximately $450 million with a total of 15 branches.
“MidCountry Bank is proud to have served these communities in southern Illinois for more than 12 years, allowing us to develop a number of personal and professional relationships. Maintaining these locations and providing future opportunities for our employees within their respective communities was a driving factor in choosing Legence Bank to purchase these branches.” said Steve Meads, President and CEO of MidCountry Bank.
MidCountry Bank customers of southern Illinois should continue making their loan payments as usual and may continue to access their accounts through MidCountry branches, online, ATMs, checks and debit cards until the branches convert in the third quarter. The banks will send a letter to all impacted customers 30 days prior to the conversion with detailed information to help provide a smooth transition for their banking needs.
As of December 31, 2016, Legence Bank reported nearly $304 million in assets. With the addition of the eight branches, Legence Bank will operate a total of fourteen branches in southern Illinois and one branch in Evansville, IN. Legence Bank is independently owned and community focused, providing individuals, families, businesses and farmers a premier financial institution and state of the art convenient financial products, services and customized solutions. As an Approved Lender for SBA and a Preferred Lender for FSA, Legence is able to make the loan approval process much more efficient and quick for customers. Legence Bank also operates the wholly owned subsidiary American Farm Mortgage & Financial Services. Located in Louisville, KY, AFMFS originates and services over $215 million in agricultural real estate loans nationwide. For more information, please visit LegenceBank.com.
MidCountry Bank is a full-service community bank. It has a 15-branch office network in Minnesota, and Nevada with its headquarters located in Bloomington, MN. MidCountry Bank provides high-quality, diversified financial services and solutions for customers to meet their personal, business, and professional banking needs through its branch network as well as online. To learn more, visit MidCountryBank.com.
FIG Partners is serving as financial advisor and Nelson Mullins Riley & Scarborough is serving as legal counsel to MidCountry Bank. Armstrong Teasdale is serving as legal counsel to Legence Bank.
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