Newsroom
Central Bancshares Completes Purchase of SENB Bank
Wednesday October 25, 2023 – For Immediate Release
Muscatine, IA - Central Bancshares, Inc. of Muscatine, Iowa (“Central Bancshares”), parent company of CBI Bank & Trust, has completed the purchase of McLaughlin Holding Company, parent company of SENB Bank, based in Moline, Illinois, and merged SENB Bank into CBI Bank & Trust, effective October 20, 2023. The transaction was originally announced in May.
“While signage will soon change, customers will not see any immediate changes,” said Greg Kistler, President and CEO of CBI Bank & Trust and Central Bancshares. “The bank will continue to operate at the same locations, supported by the same officers and staff. System conversions will take place in April 2024.”
SENB Bank was organized in 1961 and has total assets of approximately $340 million. It serves the Quad Cities market in both Iowa and Illinois, as well as the state line (Rockford/Beloit) region of Illinois and Wisconsin, with six locations: Moline and Roscoe, IL; Davenport, Bettendorf, and Buffalo, IA; and Beloit, WI.
Central Bancshares’ total assets have increased to over $1.45 billion with the acquisition. In addition to the SENB Bank locations, it serves consumers and businesses through 17 banking centers, with locations in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Monmouth, and Peoria in Illinois. In addition, the bank’s Trust and Investment Divisions manage combined client assets of approximately $1.4 billion.
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CBI Bank & Trust Acquiring Joy, Illinois Office of Farmers-Merchants Bank of Illinois
Thursday September 7, 2023 – For Immediate Release
Muscatine, IA - CBI Bank & Trust of Muscatine, Iowa announced that it has entered into an agreement with Farmers-Merchants Bank of Illinois (”Farmers-Merchants Bank”) to purchase the Joy, Illinois branch office of Farmers-Merchants Bank. The branch is located at 101 West Main Street in Joy, Illinois.
The branch purchase agreement includes all deposit accounts held at the office and consists of approximately $62 million in deposits and $27 million in loans. The transaction is subject to customary closing conditions, including regulatory approval, is expected to be completed during the first quarter of 2024. Terms of the transaction were not disclosed.
“We’re pleased by the opportunity this represents for our organization,” said Greg Kistler, President and CEO of CBI Bank & Trust. “We remain committed to serving the agricultural industry and have a number of customers in the area. We’re excited excited by the opportunity to build on this strong agriculture customer base and join the Joy community. We look forward to many years of serving our new customers, and we hope they enjoy the convenience of our additional locations.” Area CBI Bank & Trust offices include Buffalo Prairie, Monmouth, and Muscatine, plus 14 other locations throughout west-central Illinois and eastern Iowa.
“We want our new customers to know we are committed to making the transfer as smooth and effortless as possible,” said Kistler. “We have successfully handled several acquisitions in the past, so we have a good sense of what it takes to make them work well for customers. We plan to stay in touch throughout the process and realize the value customers place on working with bankers they know and trust. Our goal is to transition the current Farmers-Merchants Bank staff to the CBI Bank & Trust organization.”
About CBI Bank & Trust
CBI Bank & Trust, based in Muscatine, Iowa, and F&M Bank, a Division of CBI Bank & Trust, based in Galesburg, Illinois, serves approximately 40,000 consumers and businesses through 17 branches, with locations in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Monmouth, and Peoria in Illinois. In addition, the bank’s Trust and Investment Divisions manage combined client assets of approximately $1.4 billion.
Barack Ferrazzano Kirschbaum & Nagelberg, LLP served as legal counsel for CBI Bank & Trust, and Cummings & Company, LLC served as financial advisor. Krieg DeVault LLP served as legal counsel for Farmers-Merchants Bank of Illinois, and Piper Sandler served as financial advisor.
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Central Bancshares Announces Agreement to Acquire SENB Bank
Friday June 2, 2023 – For Immediate Release
Muscatine, IA - Central Bancshares, Inc. of Muscatine, Iowa (“Central Bancshares”), parent company of CBI Bank & Trust, and McLaughlin Holding Company, parent company of SENB Bank, based in Moline, Illinois, have jointly announced the signing of an Agreement and Plan of Merger whereby Central Bancshares will acquire McLaughlin Holding Company and merge SENB Bank into CBI Bank & Trust.
The transaction is subject to shareholder and regulatory approval and is anticipated to be completed in the third quarter of 2023. Terms of the transaction were not disclosed.
SENB Bank was organized in 1961 and has total assets of approximately $337 million. It serves the Quad Cities market in both Iowa and Illinois, as well as the state line (Rockford/Beloit) region of Illinois and Wisconsin, with six locations: Moline and Roscoe, IL; Davenport, Bettendorf, and Buffalo, IA; and Beloit, WI.
Central Bancshares is the privately held parent company of CBI Bank & Trust, based in Muscatine, Iowa, and F&M Bank, a Division of CBI Bank & Trust, based in Galesburg, Illinois. Central Bancshares serves approximately 40,000 consumers and businesses through 17 banking centers, with locations in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Monmouth, and Peoria in Illinois. In addition, the bank’s Trust and Investment Divisions manage combined client assets of approximately $1.4 billion.
After the completion of the transaction, Central Bancshares will have total assets in excess of $1.45 billion.
The boards of directors and executives of both companies believe that the transaction will create a strong partnership, bringing together two compatible, community-oriented banking enterprises.
“It’s a great opportunity and an excellent fit for both organizations,” said Terry Esch, President of McLaughlin Holding Company and SENB Bank. “Our customers can rest assured that there is a strong commitment to continue providing the same safe, stable banking environment that they’ve grown to know and trust and that they will continue to receive the same high level of customer service.”
That sentiment was reinforced by Greg Kistler, President and CEO of Central Bancshares and CBI Bank & Trust.
“We are excited to partner with SENB Bank,” Kistler said. “They share our core community banking philosophy: empowered local management and employees dedicated to serving our customers and communities.”
“After the acquisition is completed, customers will not see any immediate changes,” Kistler added. “The bank will continue to operate at the same locations, supported by the same friendly officers and staff. Systems conversions will take place in 2024. In short, it will be business as usual, supported by the financial strength and resources of a larger parent organization.”
Cummings & Company, LLC served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg, LLP served as legal counsel to Central Bancshares in connection with the transaction. Olsen Palmer LLC served as financial advisor and Dickinson Wright PLLC served as legal counsel for McLaughlin Holding Company.
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CBI Bank & Trust and F&M Division of CBI Bank & Trust Receives National Certification by Banking Advocates as Safe, Affordable Account
Wednesday September 1, 2021 – For Immediate Release
MUSCATINE, IA - Today CBI Bank & Trust announced that its Bank On Checking was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
Some key features of Bank On Checking include no overdraft or nonsufficient fund fees charged, the ability to pay bills and make purchases without checks, no minimum balance, low $5 monthly cost, and federal deposit insurance. Bank On Checking is available in every one of CBI Bank & Trust’s 16 branches across Eastern Iowa and Western Illinois.
Bob Howard, President Iowa Division of CBI Bank & Trust said, “One in ten U.S. adults don’t have a bank account, and we want to be in a position to help every one of them.”
“We’re pleased to be part of the growing Bank On movement to provide safe, affordable and accessible bank accounts to the roughly 6% of households that do not currently have one”, says Doug Sanders, President, F&M Bank Division.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to CBI Bank & Trust’s Bank On Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Bank On Checking Account offers Illinois residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. CBI Bank & Trust’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
CBI Bank & Trust’s Bank On Checking is available at all 16 locations in 2 states. With the addition of the Bank On Checking, accounts that meet Bank On National Account Standards are now available at over 33,600 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 52% of the national deposit market share. In addition to CBI Bank & Trust’s Bank On Checking, over 115 other financial institutions with Bank On certified accounts are available across the country.
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CBI Bank & Trust, F&M Bank Announce Completion of Merger
Monday, February 8, 2021 – For Immediate Release
Muscatine, IA — Central Bancshares, Inc., a community bank holding company based in Muscatine, IA, announced that it has merged its two wholly-owned subsidiaries into one organization. F&M Bank, Galesburg, IL, was merged into CBI Bank & Trust, Muscatine, IA, on February 5, 2021. Central Bancshares will continue to be the parent company of the merged bank. The current locations of CBI Bank & Trust will continue to operate under that name, and the current locations of F&M will operate as F&M Bank, Division of CBI Bank & Trust.
The combined organization has $1.1 billion in assets, 230 employees, and serves over 43,000 consumer households and businesses through its 16 offices in eastern Iowa and western Illinois. Greg Kistler, President and CEO of Central Bancshares said, “We are pleased to announce the successful merger of our two great banks. There will be minimal impact to clients, and they will now be able to conduct business at any of our locations. We remain committed to our core values of independent community banking, local management and decision making, empowered local employees, and support for the communities in which we live and work.”
The combined organization has offices in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington and Wilton, IA, and Brimfield, Buffalo Prairie, Galesburg and Peoria, IL.
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WTSB/CBI Merger Completed
Monday, June 8, 2020 – For Immediate Release
(Muscatine, IA) The merger of Walcott Trust and Savings Bank into CBI Bank & Trust was completed over the weekend of Friday, June 5 through Sunday, June 7, and all customer accounts were converted over to the CBI data processing system.
“We’re pleased to announce the successful completion of our plan that was put in motion last year,” said Greg Kistler, President and CEO of Central Bancshares, Inc., the parent company of both banks. “The fact everything went so smoothly is a testament to months of planning, coordination and hard work by a number of talented individuals throughout our organization. I’m extremely proud of their efforts.”
Walcott Trust and Savings Bank, which was organized in 1893, had total assets of approximately $125 million and served a primary market area of Scott and northeast Muscatine Counties in Iowa through two locations: 101 West Bryant Street in Walcott and 2322 East Kimberly Road in Davenport. It was acquired by Muscatine-based Central Bancshares, Inc. in December, 2019.
The weekend merger lifted CBI Bank & Trust’s total assets to over $650 million. In addition to the two former WTSB locations, it has banking centers in downtown Davenport, Coralville, Kalona, Muscatine, Washington and Wilton in Iowa, and Buffalo Prairie in Illinois, and serves over 20,000 households and businesses.
“We extend a warm welcome to Walcott Trust and Savings Bank clients,” said Bob Howard, President and CEO of Muscatine-based CBI Bank & Trust. “Starting today, they can enjoy the convenience of banking at eleven locations, plus access to a wider array of services such as wealth management, investments, and treasury and cash management services.”
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Bank Purchase Completed
Thursday, December 12, 2019 – For Immediate Release
(Muscatine, IA) Central Bancshares, Inc. of Muscatine, Iowa has completed the purchase of Walcott Trust and Savings Bank of Walcott, Iowa, effective December 12, 2019. The transaction was originally announced in August.
Walcott Trust and Savings Bank, which was organized in 1893, has total assets of approximately $125 million and serves a primary market area of Scott and northeast Muscatine Counties in Iowa through two locations: 101 West Bryant Street in Walcott and 2322 East Kimberly Road in Davenport.
Central Bancshares’ total assets have increased to over $1 billion with the acquisition. It now operates three banking charters, serving an estimated 34,000 households and businesses, through 16 locations in eastern Iowa and west-central Illinois. In addition to the Walcott bank, the company owns CBI Bank & Trust with locations in Coralville, Davenport, Kalona, Muscatine, Washington and Wilton in Iowa and Buffalo Prairie in Illinois, and F&M Bank with offices in Brimfield, Galesburg and Peoria, Illinois.
Customers of the newly-acquired bank will notice little in the way of immediate changes, according to Greg Kistler, President and CEO of Central Bancshares, Inc.
“It will continue to operate under the Walcott Trust and Savings Bank name through the first half of this coming year,” Kistler said. “We then anticipate bringing the bank into the CBI Bank & Trust charter and onto our data processing system. This will open up a wider range of products and services for customers, and enable them to conduct business at nearly a dozen area locations.”
Kistler continued, “We are excited to welcome the customers and employees of the bank to our organization.”
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