Riverton Community Bank and Illinois National Bank Announce Merger Plans
John McCree and Richard K. McCord have jointly announced the signing of a definitive agreement to merge the banks into one organization, subject to shareholder and regulatory approval. McCree, Chairman of the Board of Riverton Community Bank and McCord, President and CEO of Illinois National Bank, announced the merger agreement today. Financial terms of the merger were undisclosed.
Riverton Community Bank was established in 1965. Current assets are listed at just over $34 million as of June 30, 2004. Riverton Community Bank employs 12 people.
“This is a bright day for the Riverton community,” said McCree. “We’ve got a long history of service and community involvement in Riverton. This merger will enable us to share a wider array of financial products with our customers, while maintaining our strong commitment to the area. We look forward to expanded career opportunities for our employees, all of whom will remain with the organization. Illinois National Bank has proven to be a solid and dependable partner in every community they serve, and we expect nothing less here.”
“Many Riverton residents work or shop in the Springfield area on a regular basis,” said McCord. “This merger opens up a much larger branch and ATM network for those individuals. We’re delighted to provide an expanded service base for the Riverton Community Bank customers.” McCord also stated that the entire staff based in Riverton will become part of the INB team, adding “we welcome the experienced staff and look forward to serving the Riverton area.”
Patricia Jenkins, Executive Vice President and CEO of Riverton Community Bank agrees. “I’m excited about the new things we’ll be able to offer as a result of this merger. Illinois National Bank has a long list of products and services that we have not been able to provide in the past, such as debit and credit cards, home equity lines of credit, 20 and 30 year fixed rate mortgages, overdraft protection, trust and brokerage services… the list is endless!” Jim Antonacci, Executive Vice President of Illinois National Bank, agrees. “I was born and raised in Riverton; it’s a great, small community. INB will bring a new wave of technology to their banking environment. We offer free online banking and bill pay, cash management services for business customers and expanded funds transfer capabilities that will make banking easier and more convenient for all involved.”
Illinois National Bank was founded in 1999 with the purchase of the First National Bank of Fairmount. INB operates branches in Springfield, Chatham, Pleasant Plains and Fairmount. Riverton will become the ninth location.
Illinois National Bank is a $300 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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