CIB closing Sidney branch

CIB closing Sidney branch

SIDNEY — Downtown Sidney will lose a long-time business and a historic presence as Central Illinois Bank says it will close its branch there.

Company officials didn't specify the number of employees affected by the March 1, 2013, closure of the 219 S. David St. branch.

"Hopefully, we may be able to place some people in other locations," said Mark Wilmington, CIB Marine Bancshares director of retail banking.

Sidney was the company headquarters of the Sidney Bancorporation Inc. when it incorporated in 1985. In September 1987, a group of investors acquired the bank and changed the name to Central Illinois Bancorp Inc. In August 1999, Central Illinois Bancorp reincorporated as a Wisconsin corporation and changed its name to CIB Marine Bancshares Inc.

"It was a difficult decision for us to make," Wilmington said. "First and foremost, there was quite a bit of historic significance to the building in Sidney."

The Sidney branch is CIB Marine's smallest bank by deposits with about $9.53 million, or 2.26 percent of total deposits, behind an East Peoria branch ($12.45 million) and a Peoria branch ($15.85 million), according to the Federal Deposit Insurance Corp.

CIB Marine Bancshare has 13 branches in three states. No other branch closures are planned at this time, according to Wilmington.

Wilmington said the company will encourage its Sidney customers to use the bank's branches in Champaign and Urbana instead or to conduct their banking business electronically.

CIB owns the downtown building, and Wilmington said the company "would look at options" to sell it.

"I hate to see one more open building downtown, but it may not be cost-effective for them to stay open," Village President John Finn said. "A lot of people are not going to be very happy about it, especially those who like to pay their water bills there."

Finn said a "fairly large" number of village residents pay their water bills at the bank and called its planned closure a "substantial problem."

The village recently launched a website through which residents can pay water bills, but Finn said residents have been reluctant to use it because of a convenience charge that the state imposes on Illinois E-Pay transactions.

Sidney is also home to a branch of Longview State Bank.

After CIB closes its Sidney branch in March 2013, it will have three full-service locations in Champaign County, one in Piatt County and one in Vermilion County:

— 302 W. Springfield Ave., C.

— 2913 W. Kirby Ave., C.

— 1514 N. Cunningham Ave., U.

— 204 S. Market St., Monticello.

— 2490 N. Vermillion St., Danville.

Comments

News-Gazette.com embraces discussion of both community and world issues. We welcome you to contribute your ideas, opinions and comments, but we ask that you avoid personal attacks, vulgarity and hate speech. We reserve the right to remove any comment at our discretion, and we will block repeat offenders' accounts. To post comments, you must first be a registered user, and your username will appear with any comment you post. Happy posting.

Login or register to post comments