Two long-standing local banks merge

Home/News/Business News/Two long-standing local banks merge

Two long-standing local banks merge

As of Nov. 1, two long-standing local banks have completed a merger that was initially announced at the beginning of this year. Athens Bancorp, Inc., parent company of the Athens State Bank, and NBP Financial Services, parent company of the National Bank of Petersburg, have merged their holding companies to create AC Bancorp, Inc., which is the parent company of Alliance Community Bank.

With over $270 million in combined assets, Alliance Community Bank will be headquartered at 321 North Sixth Street in Petersburg, Illinois. Bank President and CEO John L. Leinberger said, “Alliance Community Bank is not just our name, it truly represents the good that can happen when people work together toward a common goal. We are a full–service financial institution with access to traditional bank products in addition to wealth management and trust services.”

The National Bank of Petersburg was originally chartered in 1904 as Schirding State Bank before obtaining a national bank charter in 1948. National Bank of Petersburg had approximately $140 million in total assets at the time of the merger. Athens State Bank, which was established in 1910, had approximately $130 million in total assets at the time of the merger. .

When the merger was first announced in January of this year, Leinberger noted there would be a number of advantages. “It’s driven by the industry forces of higher regulatory costs of compliance, and the costs of technology are getting more expensive. We need to get bigger to take advantage of the economy of scale,” he said. “It’s about taking advantage of the strength of both organizations and applying best practices across the board.”

By |November 2nd, 2018|Categories: Business News, News|0 Comments

Leave A Comment

1 × five =

Skip to toolbar