Morton Community Bank and Heritage Bank of Central Illinois said this week they will be merging once the merger of their respective parent companies, Hometown Community Bancorp Inc. and Trivoli Bancorp Inc., is completed.
“This merger will bring together two community banks with a long and proud history of serving our region,” Jim Mamer, co-CEO and president of Morton Community Bank, said. “Customers from both banks will benefit from having access to convenient locations throughout the greater Peoria market and beyond.”
“This merger will be a seamless transition for customers," Mamer said. "We look forward to welcoming Heritage employees and customers to the Hometown Community Banks’ family. People will see the familiar faces they are used to seeing. The combined synergy of our employees will enhance the services we offer to our customers.”
Morton Community Bank has more than 30 locations in central Illinois. Heritage Bank of Central Illinois has six branches located in Trivoli, Hanna City, Peoria, Peoria Heights and East Peoria.
“We are pleased to be able to join forces with one of the premier community banks in the entire state," Heritage Bank Chairman Scott Hedden said. "Employees at both banks have a track record of providing outstanding customer service and being actively involved in the communities we serve.”
The merger is subject to regulatory approval and approval of Trivoli Bancorp shareholders. The parent company merger is expected to be completed in the second quarter with the subsidiary bank merger completion expected in the third quarter.
“Our customers will gain access to additional financial resources, and the combined assets of the merged companies will substantially increase the available lending limit,” Heritage Bank CEO and President Tim Krueger said.