Marine Bank, headquartered in Springfield, Illinois, will merge into Morton Community Bank in the second quarter of 2023, adding 11 locations to the footprint of Morton Community Bank and bringing the total assets of the employee-owned community bank to about $5.75 billion. The transaction will also involve the acquisition of Marine Bancorp, Inc., the holding company of Marine Bank, by Hometown Community Bancorp, Inc, the holding company of Morton Community Bank. The merger is subject to customary closing conditions, including the receipt of regulatory and Marine Bancorp shareholder approvals.
Chris Zettek, President and Chief Executive Officer of Marine Bank, said, “The merger will be a new and exciting chapter for Marine Bank customers and employees. We are looking forward to the opportunities that come with Morton’s employee-owned culture and entrepreneurial spirit. This partnership will allow us to continue to deliver to our customers the highest quality community bank experience possible”.
“We are excited about the can-do spirit of Marine Bank,” said Andy Honegger, President and Co-CEO of Morton Community Bank. “We are looking forward to partnering with such a successful community bank, with talented and dedicated employees who will continue to serve their loyal customers.”
Morton Community Bank has a culture of employee-ownership, driven by its Employee Stock Ownership Plan (ESOP), and a commitment to customer service and local involvement in the many communities it serves. The Bank operates on the web and as a whole under the umbrella name of Hometown Community Banks.
Morton Community Bank has grown steadily since its establishment in Morton, Illinois, in 1960. Today the bank employs nearly 500 employees with 45 branch locations. Morton Community Bank acquired several Associated Bank branches in Peoria in 2020, First Trust and Savings Bank in Albany in 2019, State Bank of Arthur in 2018 and State Bank of Speer in 2017.