The capital-strapped Amcore Financial Inc. of Rockford, Ill., announced Wednesday that it has agreed to sell two of its Wisconsin branches to First National Bank and Trust Co., in Beloit, Wis.
The transaction includes $70 million in loans, $140 million in deposits and up to $50 million in trust accounts. The deal is expected to close in the fourth quarter and would leave Amcore with 71 branches in Northern Illinois and Wisconsin. It would give the $631 million-asset First National Bank 13 branches. The price was not disclosed.
"The decision to sell these branches is another step in Amcore's strategic efforts to improve profitability and efficiencies as we work to establish the solid foundation to rebuild our company," said William McManaman, the chairman and chief executive of the $5.1 billion-asset company.