Heartland acquires assets, deposits of Princeton bank
BLOOMINGTON — Heartland Bank and Trust Co. significantly expanded its footprint last week by assuming the deposits and assets of Princeton-based Citizens First National Bank.
Heartland acquired those deposits and assets from the Federal Deposit Insurance Corp., after the Office of the Comptroller of the Currency closed Citizens First National at 5 p.m. Friday and named the FDIC receiver.
Citizens First National's 20 offices in north central Illinois reopened Saturday as Heartland Bank and Trust offices.
"We think they will be good markets for Heartland Bank in the long run," said Fred Drake, Heartland's chairman and CEO, in a release.
Based in Bloomington, Heartland Bank now has assets of $2.9 billion and has offices in 48 communities in Illinois and northeast Missouri, including four offices in Champaign-Urbana.
Citizens First National — which had $924 million in assets as of Sept. 30 — was the 49th FDIC-insured institution to fail in the nation this year and the eighth in Illinois. The FDIC estimated the cost to its Deposit Insurance Fund will be $45.2 million.
Busey VP to play key role in Florida venture
CHAMPAIGN — Bob Ballsrud will move to Florida to work with Trevett Capital Partners, Busey Bank's new wealth management division that will work with high net-worth clients in southwest Florida.
Busey announced formation of the new division last week and subsequently disclosed that Ballsrud — executive vice president, senior managing director and chief investment officer of Busey Wealth Management and Busey Trust Co. — would help integrate the new Trevett team into Busey.
Making up the Trevett team are several people who formerly worked for U.S. Trust in southwest Florida. They include:
— Executive vice presidents Brent Crawford and Brian O'Toole. Crawford had been managing director of U.S. Trust, and O'Toole had been its senior portfolio manager.
— Senior vice presidents Marcia Hobe and Kathy Bright, who had worked at U.S. Trust and its predecessors for 38 years and 30 years, respectively.
Trevett Capital Partners draws its name from Trevett-Mattis Banking Co., a forerunner of Main Street Bank & Trust, which merged with Busey in 2007.
A Busey release said Trevett Capital Partners and Busey Wealth Management will use the same operating and investment foundation.
First Busey Corp. CEO Van Dukeman said Trevett Capital Partners was created "to immediately capitalize on growth opportunities in Florida and facilitate Busey's capability" to serve clients in other growth markets.
Monical's finalist for Best Practices award
BRADLEY — Bradley-based Monical's Pizza is one of 13 finalists for the 2012 Best Practices awards, which honor four restaurant companies for exceptional workplace practices and results.
The awards — sponsored by People Report and Black Box Intelligence — will be awarded Wednesday during the 18th annual Best Practice Conference in Dallas.
Other finalists include: McDonald's, Red Lobster, LongHorn Steakhouse, White Castle, The Capital Grille, La Madeleine, BJ's Restaurants, Corner Bakery Cafe, Eat 'n Park Restaurants, Le Pain Quotidien, K&N Management and Maggiano's Little Italy.
Finalists were evaluated on retention of managers and employees, diversity of workforce, compensation practices, community involvement, corporate responsibility, employee funds and foundations, and initiatives in sustainable business practices.
Dallas-based People Report provides employment analytics for members monthly. An affiliated company, Black Box Intelligence, provides weekly restaurant industry financial and market data.
Consolidated Communications' earnings up
MATTOON — Consolidated Communications Holdings, which acquired SureWest Communications on July 2, said third-quarter operating revenues for the combined companies were up from a year ago.
Operating revenues totaled $157 million for the quarter that ended Sept. 30, up from $155.7 million for the two companies in the comparable quarter in 2011.
Revenue increases from data, video and Internet services outpaced revenue declines from local calling services, long-distance services and network access services, the Mattoon-based company said.
Income from operations was $10.1 million in the third quarter, down from $15.2 million in the comparable quarter last year. The decrease was attributed largely to $14.5 million in severance and integration-related costs. The net loss attributable to Consolidated Communications stockholders was $311,000, resulting in a net loss of 1 cent per common share.
During the same quarter last year, the companies had net income of $5.8 million, resulting in net earnings of 19 cents per share.