BRIEF: Red Bud bank merges with First National Bank of Waterloo

Fri. September 18, 2009; Posted: 08:06 PM

Sep 18, 2009 (Belleville News-Democrat - McClatchy-Tribune Information Services via COMTEX) -- FSCE | Quote | Chart | News | PowerRating -- First State Bank of Red Bud has agreed to a merger with the First National Bank of Waterloo.

The stock-for stock exchange will give the Red Bud bank's shareholders shares of common stock of First Waterloo Bancshares Inc. The transaction is pending regulators' and shareholders' approval.

First National Bank of Waterloo President and Chief Executive Officer Gary Hemmer said that First State Bank of Red Bud approached First National Bank of Waterloo about the merger, and both sides had been meeting about the move for the past five months. He anticipates that the merger could be completed by the first quarter of next year.

First National Bank of Waterloo was established in 1912 and has three banks in Waterloo, one in Columbia and another in Millstadt. State Bank of Red Bud was founded in 1875 and has banks in Red Bud and Belleville.

For more on the story, read the News-Democrat Saturday or go to www.bnd.com.

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