MUSCATINE, Iowa – A technology update was completed over the weekend at all SENB Bank sites in the region effectively making all former SENB client accounts part of CBI Bank & Trust’s computer system and operations.
The Moline-based SENB’s parent company was acquired last fall by the Muscatine-based Central Bancshares, Inc., parent company of CBI Bank & Trust.
“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 clients in the Quad Cities and Stateline (Illinois/Wisconsin) areas,” Bob Howard, CBI Bank & Trust regional president, said in a news release Monday, April 22. “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.”
“Starting today, clients of the former SENB Bank can enjoy the convenience of banking at 24 locations, plus access to a wider array of services such as wealth management, investments, and treasury and cash management services,” added Mr. Howard.
Last October, Central Bancshares, Inc. completed its purchase of McLaughlin Holding Company, the parent company of SENB Bank, and merged SENB Bank into CBI Bank & Trust. The deal was first announced on June 1, 2023. Financial details of the transaction were not disclosed.
CBI Bank & Trust, based in Muscatine, and F&M Bank, a division of CBI Bank & Trust, based in Galesburg, Illinois, serves approximately 50,000 consumers and businesses through 24 branches. In Iowa, locations include Bettendorf, Buffalo, Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton; and in Illinois, CBI locations are in Brimfield, Buffalo Prairie, Galesburg, Joy, Moline, Monmouth, Peoria, and Roscoe in Illinois; as well as in Beloit, Wisconsin.
CBI’s total bank assets now exceed $1.5 billion, which CBI Bank & Trust says makes it one of the largest locally based banks in the market area and places the bank in the top 10-15% of Iowa banks. In addition, the bank’s Trust and Investment divisions manage combined client assets of more than $1.4 billion.
