Springfield Area Banks Announce Branch Purchase
Illinois National Bank (INB) has signed an agreement to acquire the Chatham branch of Palmer Bank for an undisclosed cash consideration. The purchase was announced today by James H. Hahn, Chief Executive Officer of Palmer Bank and Richard K. McCord, President and CEO of Illinois National Bank.
Palmer Bank was founded in 1912, and is one of the oldest financial institutions in Christian County. Its headquarters was moved to Taylorville in 1992, and Palmer Bank’s Chatham branch opened at 414 North Main in 1993.
“The sale of our Chatham facility will enable us to explore other opportunities,” said Hahn. “We believe strongly that our Chatham customers will continue to receive the excellent service they’re accustomed to. Palmer Bank employees based at the Chatham location will become part of the INB team, making an easy transition for customers.”
Illinois National Bank was founded in 1999 with the purchase of the First National Bank of Fairmount. This is the second acquisition for INB, and the Chatham location will become its sixth branch operation. The main branch opened on June 21, 1999 at 322 East Capitol Avenue in Springfield. This was followed by a branch opening at 2601 Chatham Road in Montvale Plaza the next year. Last month INB completed construction and opened two new branches, at 2849 South Sixth Street and 2450 North Dirksen Parkway, both in Springfield.
Illinois National Bank also purchased property at Route 4 and Plummer Boulevard in Chatham last month, and received regulatory approval to build a branch at that location late last week.
“We’re delighted to have a presence in Chatham,” said McCord. “We plan to operate from the current branch location, pending completion of our new facility at Route 4 and Plummer Boulevard. The regulatory approval process has already been initiated, and we anticipate closing the transaction in August.”
Illinois National Bank is a $195 million locally owned bank, managed by a group of 40 individual investors. 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.
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