ROCKFORD, ILL. Amcore Financial Inc. of Rockford, Ill., announced Wednesday that it may sell 10 rural branches in an attempt to focus on the high-growth markets of the Interstate 90 corridor between Chicago and Madison, Wis.
Kenneth E. Edge, Amcores president and chief operating officer, said the branches, with assets totaling $170 million, are in small rural towns in central and southern Illinois that will probably be served better by banks focusing on that market. Amcore will consider offers from multiple companies or a single buyer, he said.
Amcore, with assets of $4.4 billion, has been mentioned as a takeover target by a number of analysts. It is scheduled to release its third-quarter earnings on Oct. 18. In the second quarter, Amcore posted earnings of 39 cents a share on net income of $10.7 million.