Illinois National Bank (INB) and National Processing Company (NPC) announced today that NPC has agreed to sell its Remittance Services operations located in Springfield, Illinois, to Illinois National Bank. Remittance Services is a wholly-owned operating business of NPC, which is 88% owned by National City Bank. Remittance processing is a function which includes receiving payments, typically checks, and comparing them to the amounts actually invoiced by the customer, performing the related account postings and settling the customer’s account receivable systems. The State of Illinois is a major customer of the Springfield processing site.
NPC had announced in April that they were closing their operations in Springfield and discontinuing the remittance processing service for this area. That structural change meant 54 jobs in Springfield would be lost. Illinois National Bank, with its main office at 322 E. Capitol, has agreed to purchase the processing site, and has offered to hire all 54 employees at their current wage and seniority level. INB will begin handling the processing in early September for an estimated 5 million payments a year.
Illinois National Bank, a full service commercial bank, opened its doors on June 21, 1999 as an $8 million bank. As of August 28th, total assets are in excess of $94 million. INB is locally owned and managed by a group of 40 individual investors.