Peoria move is result of deal for Marshall County State Bank
DECATUR — Hickory Point Bank & Trust, which has offices in the Champaign, Decatur and Springfield areas, plans to add a full-service office in the Peoria area as the result of an agreement to acquire Marshall County State Bank.
Hickory Point announced Wednesday that it had agreed to acquire the Varna-based bank, as well as its New Capital Bank office in Peoria Heights. The transaction, subject to regulatory approval, is expected to be completed in the third quarter of this year.
As of March 31, Hickory Point had total assets of $656 million, while Marshall County State Bank had total assets of $27.8 million. For the first quarter of 2014, the Marshall County bank had a net loss of $128,000, according to a call report filed with federal regulators.
Hickory Point entered the greater Peoria market in August 2013, when it opened a loan production office there.
The Marshall County bank, which was founded in 1883, was acquired by an investor group in 2008, which opened the New Capital Bank office in Peoria Heights.
"We are excited about this partnership of two locally owned, community focused banks," Len Kuntzman, senior vice president of Hickory Point Bank, stated in a release.
Andrew Herrera, president and CEO of Marshall County State Bank, said he admired Hickory Point's commitment to the communities it serves.
"Bringing our organizations together will increase our ability to help grow area businesses and expand our banking products and services, while continuing the commitment to support our local communities," he said.
Former First Busey Corp. Chairman Douglas C. Mills was named to the board of directors of Marshall County State Bank in 2012 and remains a director there, according to the bank.
Hickory Point Bank, which has an office at 701 Devonshire Drive, C, is preparing to open an office in downtown Champaign. The new office, at 202 W. Park Ave., C, once housed Champaign National Bank and more recently Community Elements.