Central Illinois-based banks Peoples Bank & Trust and Arcola First Bank plan to merge later this year.
The agreement is expected to close in the late spring or early summer. The surviving bank is expected to operate under the Peoples name, and all existing employees are expected to be retained. The price of the deal has not been announced.
The $122 million, Arcola First Bank operates three branches in the region, while the $539 million, Pana, Ill.-based Peoples Bank & Trust has 10 branches in central Illinois.
Arcola First Bank President & CEO Dale Boyer said Peoples Bank & Trust’s status “as one of the top USDA and SBA guaranteed lenders in the state will certainly be a benefit for our business customers. We look forward to sharing expanded product offerings and a heightened business lending expertise with the business customers we serve.”
Arcola First Bank Board Chair Joe Monahan said the bank sought a partner with the same commitment to personal service. “Both banks place an emphasis on customers and customer service,” he added. “We know that this approach will be continued in our communities moving forward.”