ROCKFORD (WREX) — Rockford-based Illinois Bank & Trust announces it will acquire Rockford Bank & Trust under an agreement announced this week.
According to Illinois Bank & Trust, it will, “acquire substantially all of the assets and assume substantially all of the deposits and certain other liabilities of [Rockford Bank & Trust].”
Illinois Bank & Trust is a wholly-owned subsidiary of Heartland Financial USA, Inc. and the acquisition will create Heartland’s fifth largest bank subsidiary with assets of approximately $1.3 billion and 10 banking centers, according to Illinois Bank & Trust.
“Illinois Bank & Trust and Rockford Bank & Trust share a common focus of providing excellent service to our customers and leadership for our communities,” Illinois Bank & Trust CEO Jeffrey Hultman said. “Both organizations are headquartered here in Rockford, and the new organization will remain here, bigger and stronger than ever.”
Hultman said it’s too early in the process to announce whether any jobs will be lost or consolidated. He said Illinois Bank & Trust should know about job consolidation within the next 60 days.
The acquisition is expected to be officially completed in November and Rockford Bank & Trust customers will be fully transitioned to Illinois Bank & Trust by early 2020, according to Hultman.
“You will see the same personal attention and the same strong support to our local nonprofits, and the same volunteerism from our employees,” Rockford Bank & Trust President & CEO Thomas Budd said.
Rockford Bank & Trust has two locations, 4751 Guilford Road and 308 W. State Street. Rockford Bank & Trust customers will now have access to 6 banks in Rockford, under the acquisition. Illinois Bank & Trust has 4 locations before the acquisition at:
- 6855 East Riverside Boulevard, Rockford
- 1515 West Lane Road, Machesney Park
- 4048 East State Street, Rockford
2625 Stowmarket Avenue, Rockford