The troubled Amcore Financial Inc. in Rockford, Ill., announced Monday that it sold $135 million of loans.
The now $4 billion-asset company said in a press release that the loans were not strategic or relationship oriented. Amcore did not disclose the price or the buyer, but said the sale is "one of several events" that it expects to significantly improve capital ratios at its bank unit.
Last month Amcore warned in a Securities and Exchange Commission filing that regulators had rejected its capital plan and gave it until Dec. 4 to submit a new one with an acceptable strategy to boost capital or sell itself. Otherwise the regulators could take further action, including seizing its bank unit, the filing said.
