The Bank of Monticello, with headquarters in Monticello, Missouri, recently entered into an agreement to acquire the Kahoka, Missouri banking facility of Heartland Bank and Trust, Bloomington, Illinois.
The Bank of Monticello will acquire approximately $13 million in deposits and $3 million in loans. The transaction is subject to regulatory approval and is expected to be completed in October or November 2013.
“Bank of Monticello is please to expand its presence in northeast Missouri,” said bank President Virgil Welker, “We are excited about this opportunity in Kahoka and Clark County, and we will continue to provide our customers with exceptional service and value. Our lending focus includes agricultural, real estate, residential, consumer and small business loans.”
“We believe the Bank of Monticello is the perfect choice to acquire the Kahoka branch because they are also a strong, well-managed community bank,” stated Fred Drake, Heartland Bank Chairman and CEO. “We will work closely with the Bank of Monticello team to assist them in making this a smooth transition.”
Upon completion, Bank of Monticello, Inc. will have an asset size of approximately $110 million, with three locations in the communities of Monticello, Canton and Kahoka, Missouri.