Banterra Bank, a subsidiary of Banterra Corp., has negotiated a Purchase and Assumption Agreement to acquire the loans, deposits, and banking facilities of First Bank’s Illinois branches located in Carbondale (1500 West Main St.), Johnston City (908 Grand Ave.) and West Frankfort (605 West Main St.). First Bank is headquartered in Creve Coeur, Missouri. The threebranch purchase, subject to receiving all regulatory approvals, is anticipated to occur in April 2018 and will provide more than $91 million in additional assets to Banterra’s $1.5 billion portfolio.
“Banterra is already experiencing substantial growth at an almost 15% annualized pace this year not including this purchase” said Jeff May, President and CEO of Banterra Bank. “We know this growth is a result of our customer service, experienced team, conveniences and product offerings. Adding these First Bank locations, great team members and customers to our Banterra family is the right move to not only support this growth, but to also better serve our communities. We feel especially fortunate to add another Southern Illinois community, Johnston City, to our Illinois footprint, and it will bring a total of 28 Southern Illinois locations to serve customers.”
Banterra Bank began as a single bank in Ridgway, Illinois in July of 1975. Today, Banterra is the region’s largest, locally- owned financial institution. This acquisition by Banterra will bring the bank’s total to 38 banking centers in Illinois, Indiana, Kentucky, and Missouri, with total assets of $1.6 billion and lending limit of $35 million. Banterra plans to utilize the current First Bank facilities, maintaining these branch locations and staff, bringing Banterra’s total workforce to nearly 500 team members. In addition to Banterra’s banking centers, the bank drives economic development with commercial, small-business and agricultural lending, as well as a strong specialty lending division that offers nationwide service and includes Aircraft Finance, Machine Tool Finance, RV and Marine Indirect Lending, Corporate Banking and Transportation Lending. For more information, call 866-BANTERRA (226-8377) or go to www.banterra.com.