Town and Country Financial Corp. in Springfield. Ill., is combining its two bank subsidiaries that it has operated as separate entities for nearly three decades.
The $380 million-asset company announced Wednesday that the banks, Town and Country Bank and Logan County Bank, would be merged under the Town and Country Bank name in the fourth quarter of this year.
Micah R. Bartlett, the holding company’s president and chief executive, said that the combination would create a stronger bank in central Illinois that could offer its customers more convenience and a broader array of products and services. Town and Country Financial acquired Lincoln, Ill,-based Logan County Bank in 1985 and has operated it with its own management team and board of directors since.
Consolidating banks can also improve overall efficiency as marketing budgets are combined and certain examination fees are eliminated. The company said there would be no management changes or staff cuts as a result of the merger.
Town and Country Bank and Logan County Bank have a combined 10 branches in six communities. The holding company announced last month that it is adding an 11th branch with the acquisition of an office in Quincy, Ill., from Associated Banc-Corp. of Green Bay, Wis.