Amcore Financial Inc. of Rockford, Ill., announced Monday that it plans to spend $55 million to further its branch expansion.
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The $4.6 billion-asset company said it would add five "limited' branches a year from 2005 through 2008. Those offices typically provide only commercial loans and cash management services. Amcore uses them to enter a market and replaces them with a full-service branch when they become profitable.
The 15 branches, which are in addition to already announced expansion plans, will be in the suburbs of Chicago, Milwaukee, and Madison, Wis.
In 2002 and 2003 Amcore earmarked $58 million for adding branches. This year it will open 11 new offices, and will close two in-store branches and four limited offices.
