Richard K. McCord, the former president of First of America’s Illinois banking operations, and Charles E. Robbins announced today that they and a group of investors plan to bring a new bank to Springfield under an old familiar name. The investor group has signed an agreement to acquire control of the company that owns First National Bank of Fairmont, a national located approximately 10 miles southwest of Danville, Illinois. Mr. McCord said that immediately after the closing of this purchase, the bank intends to open a new branch in Springfield located at 300 E. Capitol Avenue, and to change its name to Illinois National Bank. The transaction is subject to approval of banking regulators and other customary conditions. The parties are hoping to complete the acquisition during the first half of 1999.
Specific financial terms of the acquisition were not disclosed. Fairmont Bancorp, Inc., the holding company of the bank currently has consolidated assets of approximately $10 million and its main office is located in Fairmont, Illinois. The new bank will retain all employees of First National Bank of Fairmont and will in fact introduce new banking products and services to the Fairmont area.
“I am very excited about returning to my banking roots in Springfield under the Illinois National Bank name. Our investors and staff believe that this acquisition represents a unique opportunity to hit the ground running as we re-enter the Springfield market with a strong, experienced, well-capitalized institution.” Mr. McCord stated. “When my wife Karen and I were transferred from Springfield in 1993, we left behind a number of loyal friends and customers. The staff and I hope to repay that loyalty by starting up where we left six years ago by bringing back a traditional high level of banking service and responsiveness,” Mr. McCord observed.
“We think the Springfield market is anxious for the return of a locally-owned, locally-managed bank attuned to this area’s specific needs and concerns, and that is what we are about. Our customers should expect to see a lot of familiar faces when they visit us, and we can’t wait to get started,” concluded Mr. McCord.