MUSCATINE, Iowa – CBI Bank & Trust announced that it has completed the acquisition of Farmers-Merchants Bank of Illinois in Joy, Illinois.
A technology upgrade occurred last weekend, and all client accounts are now part of CBI Bank & Trust. The bank acquisition deal was first announced in September.
“We’re pleased to announce the successful completion of our plan that was put in motion last year and would like to extend a warm welcome to the Joy area clients,” Greg Kistler, CEO of CBI Bank & Trust, said in a news release Monday, Jan. 29. “The fact everything went so smoothly is a testament to months of planning, coordination, and hard work by many talented individuals throughout our organization. I’m extremely proud of their efforts.”
The branch purchase agreement of the Joy office of Farmers-Merchants Bank included all deposit accounts held at the office and consists of approximately $62 million in deposits and $27 million in loans.
“Starting today, Joy clients can enjoy the convenience of banking at 18 locations, plus access to a wider array of services such as wealth management, investments, and treasury and cash management services,” said Mr. Kistler.
Bryan Hofmann will continue to lead the Joy office and has been named Western Illinois market president.
CBI Bank & Trust, and F&M Bank, a Division of CBI Bank & Trust, based in Galesburg, Illinois, serve approximately 50,000 consumers and businesses through 24 branches, with locations in Bettendorf, Buffalo, Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and in Brimfield, Buffalo Prairie, Galesburg, Joy, Moline, Monmouth, Peoria in Illinois as well as the state line region (Roscoe/Beloit) of Illinois and Wisconsin. In addition, the bank’s Trust and Investment divisions manage combined client assets of more than $1.4 billion.
