Geneseo – Central Bank Illinois and The First National Bank and Trust Company of Rochelle announced Tuesday morning that they have entered into a definitive agreement pursuant to which Central Bank Illinois will acquire all of the assets of The First National Bank and Trust Company of Rochelle, subject to regulatory and shareholder approval.
The First National Bank and Trust Company of Rochelle, headquartered in Rochelle, operates branches in Rochelle, Oregon and Ashton. As of Dec. 31, 2016, FNB reported approximately $280 million in assets.
The combined entity, operating as Central Bank Illinois will have assets of approximately $850 million upon completion of the acquisition.
The transaction, which is subject to regulatory approval and other customary conditions, is expected to close in the third quarter of 2017. After closing, First National Bank offices will become part of the Central Bank Illinois branch network, taking on the Central Bank Illinois name.

“Central Bank Illinois and The First National Bank & Trust Company of Rochelle have very similar cultures and community bank philosophies. This acquisition allows us to match our two organizations and expand into the market area of Ogle and Lee counties,” John DuBois, President and CEO of Central Bank Illinois said. “We are extremely pleased to welcome the customers, employees and communities served by First National Bank.”
“We are pleased to join forces with Central Bank to provide long-term value to our customers and communities. By combining with Central Bank Illinois, we will achieve greater resources and operational scale that will allow us to continue to support the local communities,” Scott R. Tilton, President and CEO of First National Bank of Rochelle said. “With Central Bank’s community-oriented commitment, we know the heritage of First National is in good hands.”
About Central Bank Illinois
Headquartered in Geneseo, Central Bank, Inc. is the parent company of Central Bank Illinois, a commercial bank providing a complete line of banking and trust services to individuals and businesses through its banking offices in central Illinois. Central Bank Illinois operates full-service branch offices in Geneseo, Princeton, Fulton and Andover with limited purpose loan offices in Prophetstown and Peru.
Including this transaction, Central Bank has grown to approximately $850 million in bank assets, along with $230 Million in trust relationships since first opening in 1907. Once approved, this will be the fourth acquisition for Central Bank Illinois.
The proposed merger supports the strategic initiatives and strategies of Central Bank Illinois to expand its footprint in new markets supporting a strong foundation of community banking.
Member FDIC.