EARLVILLE – Farmers State Bank of Sublette, which has two locations, is being bought by, and will merge with, Pioneer State Bank, their parent companies said in a news release this afternoon.
The terms of the sale were not released.
The move, expected to close during the second quarter of this year, pending regulatory approval, will give Pioneer about $103 million in assets and four branches – its two original banks in Earlville, in LaSalle County, one in Paw Paw, and two in Sublette, the latter three in Lee County. All will be Pioneer State banks.
All of the Sublette banks' nine employees will be retained; they will join Pioneer's staff of 23, the company said.
NBE Bancshares Inc. is the holding company for Pioneer State Bank; FSB Corp. is the holding company for Farmers State Bank of Sublette.
Pioneer offers agricultural operating lines and machinery and equipment loans, as well as loans on commercial, farmland and residential real estate.
Don Dinges is chairman and president of Farmers State Bank of Sublette.
“We feel Pioneer, with its strong focus on customer service and community support, is a great fit for our customers, employees, and the Sublette community,” he said in the release.
Michael Stevens is president and CEO of Pioneer.
"We are pleased to announce our agreement to acquire Sublette Bank, which has a long and illustrious history of providing superior service to the community of Sublette," he said in the release. "Together, we can offer a broader range of products and services ... along with a level of personalized customer service that is often missing from the big banks.”
It's the second such acquisition to be announced this month.
On Jan. 11, The First National Bank in Amboy announced it will merge with Franklin Grove Bank. That deal, too, is expected to close in the second quarter of this year, pending approval of banking regulators.
The Franklin Grove Bank, 108 N. Elm St., will become a First National branch, and First National Bank's management team will manage both banks. First National Bank has the equivalent of 50 full-time employees at four sites, two in Amboy and two in Dixon, as well as an ATM at KSB Hospital in Dixon.
MORE INFORMATION
Pioneer State Bank branches are at 137 S. Main St. in Earlville, 815-246-8411, and at 235 Chicago Road in Paw Paw, 815-627-2651. Online: pioneerstatebank.com
Farmers State Bank of Sublette has branches at 303 S. Pennsylvania Ave., 815-849-5242, and at the Woodhaven Banking Center, 3 E. Woodhaven Drive, 815-849-5918. Online: sublettebank.com