First Mutual Bancorp. of Decatur, Ill., said it plans to buy three central Illinois branches, with $160 million in deposits, from First of America Bank Corp.
The sale reflects a previously announced pruning of First of America's small-town branches. The Kalamazoo, Mich.-based company has said it plans to gain $20 million to $25 million in fourth-quarter income by selling 15 branches in Michigan and five branches in Illinois. First Mutual, a $316 million-asset company, would not disclose a purchase price for the branches.