Legence Bank to acquire southern Illinois branches of MidCountry Bank

GREENVILLE, S.C. (02-22-17) Legence Bank, a wholly-owned subsidiary of the holding company First Eldorado Bancshares, Inc., signed an agreement on February 21, 2017 to purchase eight southern Illinois bank branches from MidCountry Bank for an undisclosed sum, pending customary regulatory approval. The branches, located in Benton, Carbondale, Johnston City, Marion Heights, Marion West, Metropolis, Mounds, and Mt. Vernon, have approximately $146 million in deposits. The acquisition and conversion are expected to be complete in the third quarter of 2017.

"MidCountry Bank is proud to have served these communities in southern Illinois for nearly 15 years, allowing us to develop a number of personal and professional relationships," said Steve Meads, President and CEO of MidCountry Bank. "Maintaining these locations and providing future opportunities for our employees within their respective communities was a driving factor in choosing Legence Bank to purchase these branches."

Existing MidCountry Bank customers in southern Illinois should continue making their loan payments as usual and may continue to access their accounts through MidCountry branches, online, ATMs, checks and debit cards until the branches convert in the third quarter. The banks will send a letter to all impacted customers 30 days prior to the conversion with detailed information to help provide a smooth transition for their banking needs.

MidCountry Bank is a full-service community bank, with a 15-branch office network in Minnesota and Nevada, and with its headquarters located in Bloomington, MN. MidCountry Bank provides high-quality, diversified financial services and solutions for customers to meet their personal, business, and professional banking needs through its branch network and online.