United Community Bank, with headquarters in Chatham, Illinois, recently entered into an agreement to acquire seven Heartland banking offices including those in Quincy, Macomb, Colchester, and Bushnell, Illinois and Palmyra, Missouri.
United Community Bank will acquire approximately $188 million in deposits and $84 million in loans. The transaction is subject to regulatory approval and is expected to be completed in October 2013.
"UCB is excited to further expand its presence in the Western Illinois market," said United Community Bank Chairman Robert Narmont, "We will continue to provide our customers with exceptional service and the latest in traditional and online products. Our lending focus includes home equity and residential mortgages, as well as agricultural and small business term and operating loans."
"We believe UCB is the perfect choice for these branches because they are also a strong, well-managed community bank, serving markets much like ours," stated Fred Drake, Heartland Bank Chairman and CEO. "We will work closely with the UCB team to assist them in making this a smooth transition."
Upon completion United Community Bancorp, Inc. will have an asset size of $1.5 billion and 31 locations including the Illinois communities of Springfield, Chatham, Auburn, Augusta, Bunker Hill, Carlinville, Carthage, Divernon, Gillespie, Golden, Greenfield, Hamilton, Loami, Mt. Sterling, Pawnee, Pittsfield, Roodhouse and Winchester.
UCB carries a 5 star rating with Bauer Financial and a perfect 300 performance rating with IDC Financial.
The transaction is subject to regulatory approval and is expected to be complete in October.