Morton Community Bank to Merge with Heritage Bank of Central Illinois
Hometown Community Bancorp, Inc., parent company of Morton Community Bank, today announced a merger with Trivoli Bancorp, Inc., parent company of Heritage Bank of Central Illinois. The subsidiary banks will be merged following the completion of the parent company merger.
“This merger will bring together two community banks with a long and proud history of serving our region,” said Jim Mamer, Co-CEO and President of Morton Community Bank. “Customers from both banks will benefit from having access to convenient locations throughout the greater Peoria market and beyond,” said Mamer.
Scott Hedden, Chairman of Heritage Bank of Central Illinois, noted that “We are pleased to be able to join forces with one of the premier community banks in the entire state. Employees at both banks have a track record of providing outstanding customer service and being actively involved in the communities we serve.” Tim Krueger, CEO and President of Heritage Bank said, “Our customers will gain access to additional financial resources and the combined assets of the merged companies will substantially increase the available lending limit.”
Mamer said the total assets of Morton Community Bank following completion of the merger will be approximately $3.3 billion. “This merger will be a seamless transition for customers. We look forward to welcoming Heritage employees and customers to the Hometown Community Banks’ family. People will see the familiar faces they are used to seeing. The combined synergy of our employees will enhance the services we offer to our customers,” said Mamer.
The merger is subject to regulatory approval and approval of Trivoli Bancorp shareholders. Completion of the parent company merger is anticipated in the second quarter of 2016, and the merger of the subsidiary banks is expected to occur in the third quarter of 2016.
Morton Community Bank has more than 30 locations throughout Central Illinois. Morton Community Bank offers comprehensive banking services for both business and personal clients as well as electronic and online banking services. For more information, visit www.hometownbanks.com.
Founded in 1920, Heritage Bank of Central Illinois is a locally-owned community bank with six branches located in Trivoli, Hanna City, Peoria, Peoria Heights and East Peoria. The company offers a wide range of business and personal financial solutions. For more information, visit www.heritage-bnk.com.