Illinois bank to expand in Iowa through acquisition

Western Illinois-based Orion Bancorporation is expanding in eastern Iowa by acquiring Mechanicsville Bancshares. 

Orion Bancorporation is the parent company of BankORION. Mechanicsville Bancshares is the parent company of Bridge Community Bank. BankORION and Bridge Community Bank will operate as separate independent community banks under Orion Bancorporation following the transaction, which is expected to close in the second quarter of this year, according to a press release. 

The combined organization will have $770 million in assets. The $630 million BankORION is the oldest bank headquartered in the Quad Cities metro and has seven branches, including one in Bettendorf, Iowa. The $130 million Bridge Community Bank has three branches. 

“Expanding our footprint further into eastern Iowa has been a strategic initiative of our organization,” said Matt Bollinger, president and CEO of Orion Bancorporation and BankORION. 

Lake Elmo, Minn.-based investment banking firm TruStar Advisors LLC and Royal Oak, Mich.-based law firm Howard & Howard Attorneys PPLC advised BankORION. Des Moines-based law firm Dickinson, Bradshaw, Fowler & Hagen, P.C. advised Bridge Community Bank.