ONB selling Shawneetown, Eldorado branches to Legence Bank | Business

Legence Bank, a wholly-owned subsidiary of the holding company First Eldorado Bancshares, Inc. in Eldorado, IL, signed an agreement this week to purchase the deposits and facilities of two Southern Illinois bank branches from Old National Bancorp’s banking subsidiary, Old National Bank  for an undisclosed sum, pending regulatory approval and the satisfaction of customary closing conditions. The Old National Bank branches, located in Shawneetown and in Vienna, have over $46 million in deposits that will be included in the transaction (based on August 10 deposit balances) .

The acquisition and conversion are expected to be complete in early 2013 and will bring Legence Bank’s assets to over $293 million.

“Both the Shawneetown and Vienna branches are located in county seats contiguous to Legence Bank’s home county seat of Saline County, which makes this acquisition another strong expansion and great fit demographically for our long-term customer service, business development and market growth strategies,” said Martin B. Rowe, President and CEO of First Eldorado Bancshares, Inc. and a Legence Bank co-owner.

“Legence Bank has a history of serving the Southern Illinois area for over 106 years, and we look forward to a smooth transition and to welcoming these customers and communities to Legence,” added Rowe.

"We are pleased to partner with Legence Bank on this transaction," said Bob Jones, Old National Bank President and CEO. "Like Old National, Legence has a strong commitment to its community and to customer service, which will help to ensure a smooth transition."

Old National Bank customers of the Shawneetown and Vienna branches are to continue making their loan payments as usual. Customers may continue to access their accounts through Old National branches, online, ATMs, checks and debit cards until the Shawneetown and Vienna branches convert in early 2013.

As of June 30, Legence Bank reported over $246 million in assets. Old National Bank reported approximately $8.7 billion in assets. With the addition of the two branches, Legence Bank will operate a total of seven banking locations in Southern Illinois and a branch in Evansville.