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 Nati
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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.