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Amcore Bank's sells Wisconsin branches to Union Bank & Trust Company

Posted on: Fri, 20 Nov 2009 09:39:00 EST

Symbols: TCNYF, UBKFF

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Nov 20, 2009 (Datamonitor via COMTEX) --
UBKFF | Quote | Chart | News | PowerRating -- Amcore Bank, a wholly owned subsidiary of Amcore Financial, has completed the sale of its branches in the Wisconsin communities of New Glarus and Belleville to Union Bank & Trust Company of Evansville, Wisconsin.

The sale included approximately $19 million in loans, $31 million in deposits and sweep accounts. The financial terms of the transaction were not disclosed.

William McManaman, Amcore's chairman and CEO, said: "The sale of the branches is another step in Amcore's strategic efforts to raise capital as we continue to focus on serving our core markets. We are pleased that Union Bank & Trust Company has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that Amcore proudly provided."

Christopher Eager, Union Bank & Trust Company's president, said: "The purchase of the New Glarus office fits well with our family of banks and allows us to serve a broader market. The consolidation of the Belleville office into our existing location strengthens our commitment to the Belleville area."

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