Town and Country Bank would purchase the deposit accounts and certain loans of the Associated branch at 706 Maine Street in Quincy, according to a news release. The financial terms of the deal, which is expected to close in the second quarter, were not released.
The $22 billion-asset Associated, of Green Bay, Wis., said in a separate news release that it decided to sell the branch to ensure it was “aligning to its core retail markets.” Associated said in December that it would close 21 branches, including three in Illinois, by mid-2012. It currently has roughly 270 branches in Wisconsin, Illinois and Minnesota. Last week it reported a fourth-quarter profit of $39.8 million, nearly six times higher than a year earlier.
Town and Country Bank has $285.6 million of assets and seven branches in central Illinois, and provides retail, commercial and mortgage banking in addition to trust and investment services. It is not related to the $104.4 million-asset Town and Country Bank of Quincy.
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