With the merger, Banterra will add Area Bank’s four locations, including Cave In Rock, Elizabethtown, Golconda, and Rosiclare.
Banterra, a subsidiary of Banterra Corporation, began as a single facility in Ridgway in 1975. Area Bank is a subsidiary of Hardin County Bancorp, and had its origin in 1920 as State Bank of Rosiclare.
The acquisition by Banterra brings the bank’s total to 35 banking centers in the four states of Illinois, Indiana, Kentucky, and Missouri, with total assets to just under $1.3 billion. By 2014, assets for Area Bank totaled $99.1 million and deposits at $91.5 million.
The merger is expected to be completed in October, pending regulatory approval.
“Adding Area Bank to Banterra’s portfolio makes perfect sense, specifically with our mutual commitment in offering exceptional customer service as well as their customer base being within the core of Banterra’s footprint,” said Everett Knight, chairman & CEO of Banterra Bank. “Area Bank has an almost hundred-year history in serving communities in this region, and Banterra is honored to continue that legacy.”
“It was important for us to find a bank that was not only a financially strong bank that showed continued growth, but a bank that also understood the needs of customers within our region,” said Charles Soward, president of Area Bank.
Information provided by Jennifer Spence, Banterra Bank
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