Moline-based SENB Bank has agreed to acquire Gateway Community Bank in Roscoe, Ill.
The acquisition gives SENB its first location in Wisconsin, in Beloit, as well as Gateway’s office in Roscoe just over the state line. Gateway has $88 million in assets, $72 million in loans and leases and $65 million in deposits.
Gateway President Allen Brewer will join SENB as regional president for the Stateline Region of SENB Bank.
“I am very excited to join the SENB Bank team,” Brewer said. “After careful consideration of what was best for our customers, bank team and the communities we serve, we believe that our decision to become a part of SENB Bank is the best path forward for our organization. We are confident that SENB Bank will continue to provide the high-quality banking services that our customers have come to expect from us.”
The $225 million SENB Bank currently has five offices in the Quad Cities area. It has $144 million in loans and $171 million in deposits.
“SENB Bank works hard to meet the financial needs of the communities we serve, and we support a wide variety of organizations with leadership, donations, and volunteers,” said Daniel Daly, president and CEO of SENB. “We have now partnered with a strong banking organization, operating in a market area similar to the Quad Cities region, that has the same philosophy about the community they serve.”
Daly is also 2018-2019 chair of the Illinois Bankers Association.