ILLINOIS, USA — The parent company of First National Bank of Waterloo is acquiring The Village Bank in its second deal since 2020, boosting the bank’s assets to nearly $1 billion.
The two Metro East banks on Thursday announced they had signed an agreement in which First Waterloo Bancshares Inc. will acquire the outstanding shares of common stock of Village Bancshares, the St. Libory, Illinois-based parent company of The Village Bank.
Terms of the transaction were not disclosed.
“This will bring together two community-oriented banks with similar philosophies which will further strengthen our market position within St. Clair County,” Gary Hemmer, chairman of the board of First National Bank of Waterloo said in a written statement. Waterloo is in Monroe County.
As of March 31, First National Bank of Waterloo had total assets of approximately $803.1 million. The Village Bank had total assets of $115.8 million. The merger is expected to boost First National Bank of Waterloo’s headcount from 150 to 173.
Rick Parks, president and CEO of First National Bank of Waterloo and its parent company, said the Behrman-Johnson family has owned The Village Bank since its inception. It opened in 1920 as the State Bank of St. Libory and changed its name in 1999 to The Village Bank after opening a branch in New Athens.
“The Village Bank has been very well-run for a long time and enjoys a really good reputation. We hope and plan and intend to simply build on the great legacy that they have laid over the last 100-plus years.
“With larger capability and additional products and services, and then our staunch commitment to take great care of our customers, our employees and to serve our communities, it will be a win-win for both parties,” Parks added.
First National Bank of Waterloo has 13 banking centers in central and southern Illinois and is serving customers in Waterloo, Columbia, Millstadt, O’Fallon, Effingham, Stewardson, Dupo, Smithton, Collinsville, Maryville and Swansea. In addition to the branch in New Athens, The Village Bank has offices in St. Libory and Marissa.
Read the rest of the story on the St. Louis Business Journal website.
