Illinois National Bank Expands to Pleasant Plains
The acquisition of Pleasant Plains State Bank facility in Pleasant Plains by Illinois National Bank (INB) received regulatory approval and was completed late yesterday afternoon. Under terms of the agreement, all employees, assets, deposits and loan accounts of the Pleasant Plains State Bank branch in Pleasant Plains were acquired by INB.
Pleasant Plains State Bank was established in 1905, and had been affiliated with Premier Bank of Jacksonville and Premier Bank of White Hall prior to INB’s purchase. Those institutions are not part of this transaction. Illinois National Bank acquires the Pleasant Plains State Bank name in this purchase; therefore, the charter and headquarters for the Premier Bank locations have been moved to Jacksonville.
“It’s been a busy year for us,” said Richard K. McCord, president and CEO of Illinois National Bank. “Pleasant Plains is the fourth addition to our branch network just this year. And Pleasant Plains is a natural expansion of our current market. We’re certain the customers at Pleasant Plains State Bank will be pleased with their new services and expanded hours of operation.” McCord also stated that the entire staff based in Pleasant Plains has become part of the INB team, adding, “we welcome the experienced staff and look forward to serving the Pleasant Plains area.”
Illinois National Bank was founded in 1999 with the purchase of the First National Bank of Fairmount. INB’s main branch opened on June 21, 1999 at 322 East Capitol Avenue in Springfield. A branch opening at 2601 Chatham Road in Montvale Plaza followed the next year. Pleasant Plains State Bank is the third acquisition for INB, and becomes its seventh branch operation. INB announced the acquisition of the Palmer Bank in Chatham in July of this year, along with the purchase of property at Route 4 and Plummer Boulevard. Construction of a new Chatham branch is currently underway. INB continues to operate in Chatham at 414 North Main pending completion of the new Chatham branch. Earlier this year INB opened two new branches, at 2849 South Sixth Street and 2450 North Dirksen Parkway, both in Springfield.
The acquisition of Pleasant Plains State Bank brings the asset size of Illinois National Bank to $230 million. This locally owned bank is managed by a group of 40 individual investors. Members of the board of directors include McCord, James V. Antonacci, James 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.
Pleasant Plains State Bank, a division of Illinois National Bank is located at 106 West Main Street in Pleasant Plains. New hours of operation will be as follows: Lobby, Monday – Friday 9am – 5pm, Saturday 9am – 1pm; Drive Up, Monday – Friday 7:30am – 6pm, Saturday 8am – 2pm.
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