Legence Bank has received permission from the Federal Deposit Insurance Corporation to acquire deposits and facilities of Old National Bank branches in Shawneetown and Vienna.
The two Old National Bank branches have over $46 million in deposits that will bring Legence Bank’s assets close to $300 million, according to a release from Legence Bank.
The transaction is expected to be effective at the close of business Feb. 22 with the two branches opening as Legence Bank Feb. 25.
Legence Bank is a subsidiary of First Eldorado Bancshares, Inc. in Eldorado and Old National Bank is a subsidiary of Old National Bancorp.
“Legence Bank has a deep understanding of serving the needs of this area, and that comes from listening to and meeting the needs of Southern Illinois customers for over 106 years,” said Martin B. Rowe, president and CEO of First Eldorado Bancshares, Inc. and Legence Bank co-owner in a prepared release.
“With the acquisition of the two Southern Illinois branches, Legence Bank will grow to a total of seven banking locations in Southern Illinois and our branch in Evansville, Ind. Legence welcomes these customers and cares about the success of these individuals, families, businesses and communities.
“As a locally-owned community bank, we’re part of them.”