First National Bank merging with Better Banks
Better Banks, headquartered in Peoria, and First National Bank of Chillicothe, announced via a press release last week that they have entered into a definitive agreement under which First National Bank of Chillicothe will merge into Better Banks.
The merger, subject to regulatory approval, will result in seven community focused banking offices and proforma assets of over $315 million, plus an investment department with over $85 million in assets under management.
“I am very excited about this partnership of two strong, locally owned, community focused banks,” said Steve Backlund, chairman of Better Banks through a press release. “We have had a long-term relationship with the Truitt family and respect the long heritage and commitment to the Chillicothe community. Both banks share similar cultures, local decision making, and a high commitment to our customers, communities, and employees.”
The merger of the banks, subject to regulatory approval, is expected to be completed in August 2014.
“We have always respected Better Banks as a competitor and admired their commitment to the communities they serve,” said First National Bank of Chillicothe Chairman Handy Truitt in a press release. “Bringing our organizations together will serve to increase our ability to help grow area businesses, and expand our banking products and services, while continuing the commitment to support our local communities.”
All bank customers will receive ample notice of the expanded line of services and any potential changes that may affect them. In most cases, it is anticipated that account transfers will be seamless and require little or no action on the part of customers.
Better Banks is locally owned and operated and has been serving the Greater Peoria area for more than 115 years. Better Banks has locations in Peoria, Dunlap, Bartonville, Wyoming, Astoria and online.
For more information on Better Banks services, hours and locations visit BetterBanks.com.
First National Bank of Chillicothe is a 146-year old independent community bank with assets of $70 million.