ROCKFORD, Ill. (WTVO/WQRF) – A pair of Rockford banks are joining forces.
Illinois Bank & Trust is buying Rockford Bank & Trust. The deal was announced Tuesday. After the merger the combined institutions will have assets around $1.3 billion. The 10 locations will operate under the Illinois Bank & Trust name.
Illinois Bank & Trust President and CEO Jeffrey Hultman will stay in his role as CEO. Rockford Bank & Trust President and CEO Thomas Budd will become President of the new venture.
“We are growing our presence and adding additional scale in the Rockford market, where we have been quite successful,” said Lynn B. Fuller, Executive Operating Chairman of Illinois Bank & Trust’s parent company, Heartland Financial USA. “Rockford Bank & Trust is an excellent fit for our community banking business model, and we are pleased the Rockford Bank & Trust team will be joining with the Illinois Bank & Trust team to expand and continue our success in the market.”
The deal still needs federal and state bank regulator approval. It’s expected to close later this year.