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Area Bank Branches Sold

Posted by wlpo on January 5, 2010

A troubled bank has sold some of its local branches.

AMCORE Bank announced Tuesday that they’ve reached an agreement with Midland States Bank of Effingham to sell 12 branches and two stand-alone driveups.  Branches locally that are being sold include ones in Mendota, Peru and Princeton.

AMCORE Chairman and CEO William McManaman says “the sale of these branches demonstrates our rebuilding efforts continue to move forward”.  Last month, AMCORE was ordered by the feds to submit a Capital Restoration and Disposition Plan that meet regular requirements or face a federal takeover.

Back in April, AMCORE cut 116 jobs, reduced pay for executives and decreased their contributions to employee 401 K’s.

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