Western Illinois Bancshares adds Rock Island accounting firm

Western Illinois Bancshares, Inc.

MONMOUTH, Illinois – Western Illinois Bancshares, Inc. (WIBI), a diversified financial services holding company, has announced plans to acquire the full-service tax and accounting firm of Matthew S. Anderson in Rock Island. 

In a news release Monday, June 10, WIBI said it has entered into an agreement to purchase the firm from Mr. Anderson, a certified public accountant. Matthew S. Anderson, CPA will operate as a subsidiary of WIBI. It will maintain the firm’s existing brand identity and leadership team.

The strategic acquisition, the holding company said, marks another significant milestone in its growth and expansion strategy.

With more than 35 years of experience, Mr. Anderson has built a strong reputation in providing comprehensive accounting, tax and consulting solutions to both businesses and individuals, WIBI said.

“We are excited about the opportunities that lie ahead,” Chris Gavin,  Western Illinois Bancshares president, said in the release. “This acquisition aligns seamlessly with our strategic vision of expanding our footprint in the financial services sector. By integrating Mr. Anderson’s expertise and capabilities, we can offer customers an even more comprehensive suite of financial solutions tailored to their unique needs.”

Mr. Anderson and his wife, Kathleen, are lifelong Quad Cities residents. Both graduates of Augustana College, they reside in Rock Island, where they enjoy spending time with their four children and grandchildren. 

High standard of service

Mr. Anderson joined the accounting firm in 1998, purchasing the practice in 2007. 

“I am looking forward to partnering with the Western Illinois Bancshares, Inc. team and continuing to provide a high standard of service to current and new clients,” he said in the release.

WIBI was established in the fall of 2005 “to bring local ownership back to its bank,” its website says. The Midwest Bank board of directors and local investors bought the bank from its former owner, Midwest Banc Holdings, Inc. of Melrose Park. 

Midwest Bank, formerly known as The National Bank of Monmouth, was established in 1870. Its name changed in 1998 to Midwest Bank of Western Illinois. It changed to a state charter after being purchased by the Chicago-area Midwest Banc Holdings. In 2015, it rebranded to Midwest Bank, according to the website. 

Today, WIBI owns all shares of Midwest Bank. It currently has eight banking locations. They include a main banking center in Monmouth, and eight insurance offices located across six counties. 

With this accounting firm’s acquisition, WIBI said it will further diversify its offerings across its existing companies. They include: Midwest Bank, Midwest Bank Wealth Management and Porter-Hay Insurance. Among Midwest Bank’s locations are branches in the western Illinois communities of Monmouth, Galesburg (two locations), Peoria, Aledo, Moline, Andalusia and Oquawka. For more information, visit www.western bancshares.com.

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