Richard K. McCord announced today the purchase of the First National Bank of Mt. Pulaski by Illinois National Bancorp, Inc. has been completed. McCord is President and CEO of both Illinois National Bancorp, Inc. and Illinois National Bank (INB), a wholly owned subsidiary. Financial terms of the acquisition were undisclosed.
“For the immediate future, the First National Bank of Mt Pulaski will continue to operate as a stand-alone bank, separate from INB,” according to McCord. “The conversion of First National Bank of Mt. Pulaski to INB is tentatively scheduled for the weekend of March 22nd and 23rd, at which time customers of the First National Bank of Mt. Pulaski will become customers of INB, with access to all INB locations. More specific details about the conversion process will be provided to affected customers by mail at least 30 days prior to conversion.”
During the period from January 9, 2008 through March 21, 2008 customers of the First National Bank of Mt Pulaski will not be able to conduct business through INB branches and vice versa. However First National Bank of Mt. Pulaski customers will be able to access the extensive INB ATM network beginning January 16, 2008.
Capital Community Bank, a branch of the First National Bank of Mt. Pulaski, is included in the acquisition. The First National Bank of Mt. Pulaski is located at 205 East Jefferson Street in Mt. Pulaski and Capital Community Bank is located at 2950 South Sixth Street in Springfield. Assets were listed at nearly $42 million as of September 30, 2007.
Illinois National Bank was founded in 1999 with the purchase of the First National Bank of Fairmount. INB operates 11 branches in Springfield, Chatham, Pleasant Plains, Riverton, Peoria and Fairmount. The Peoria location was established last summer.
Illinois National Bank is a $462 million locally owned bank. Members of the board of directors include McCord, James V. Antonacci, James P. Bruner, William F. Cellini, Peter B. Fox, Richard H. Levi, Timothy J. Nicoud, Carolyn B. Oxtoby, Sergio (Satch) Pecori and Charles E. Robbins. Illinois National Bank provides a full range of traditional banking services to individuals and businesses, including commercial and retail banking, trust and brokerage, cash management, Internet banking and remittance processing.