AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial,
Inc. (Nasdaq:AMFI), today announced that it has completed the sale
of 12 branches and two stand-alone drive-ups to Midland States Bank
of Effingham, IL. The branches are located in Dixon, Freeport,
Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling.
The transaction includes up to $430 million in loans, $495
million in deposits and sweep accounts, up to $400 million in trust
and brokerage account relationships, as well as the branch
facilities, related fixed assets and leases. In connection with the
sale, AMCORE receives a 1.5% deposit premium and a $1.5 million
trust account premium.
In making the announcement, AMCORE Chairman and Chief Executive
Officer William McManaman said, "I would like to thank the
employees and customers of the central Illinois region for their
loyalty and support over the years. We are confident Midland States
Bank will continue to serve this region with the same high quality
service that AMCORE has proudly provided."
ABOUT AMCORE
AMCORE Financial, Inc. is headquartered in Northern Illinois and
has banking assets of $3.8 billion with 52 locations in Illinois
and Wisconsin. AMCORE provides a full range of consumer and
commercial banking services, a variety of mortgage lending products
and wealth management services including trust, brokerage, private
banking, financial planning, investment management, insurance and
comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under
the symbol "AMFI." Further information about AMCORE Financial, Inc.
can be found at the Company's website at www.AMCORE.com.
ABOUT Midland States Bank
Midland States Bancorp Inc. is a community-based bank holding
company headquartered in Effingham, Illinois and is the sole
shareholder of its subsidiary, Midland States Bank ("MSB").
Established in 1881, MSB remains a locally owned and operated
community bank, providing a full range of commercial and consumer
banking products, trust and investment management, insurance, and
financial planning services. As a community banking
institution, the Company prides itself on establishing and
maintaining relationships with its customers and is committed to
serving the financial needs of the communities it serves.
MSB, which currently operates offices in Effingham, Centralia,
Farina, Greenville, Vandalia, Columbia, Freeburg, Hecker, Smithton,
Waterloo and Champaign, Illinois, and in Chesterfield, Missouri,
has enjoyed the success of consistent profitability, increasing
annual dividends, and capital well above regulatory requirements.
Through local leadership, MSB has created a legacy of helping
customers with all of their financial needs. For more
information, please visit the Company's website at
www.midlandstatesbank.com.
FORWARD LOOKING STATEMENTS
This news release contains, and our periodic filings with the
Securities and Exchange Commission and written or oral statements
made by the Company's officers and directors to the press,
potential investors, securities analysts and others will contain,
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934, and the Company intends that such forward-looking statements
be subject to the safe harbors created thereby with respect to,
among other things, the financial condition, results of operations,
plans, objectives, future performance and business of
AMCORE. Statements that are not historical facts, including
statements about beliefs and expectations, are forward-looking
statements. These statements are based upon beliefs and
assumptions of AMCORE's management and on information currently
available to such management. The use of the words "believe",
"expect", "anticipate", "plan", "estimate", "should", "may", "will"
or similar expressions identify forward-looking
statements. Forward-looking statements speak only as of the
date they are made, and AMCORE undertakes no obligation to update
publicly any forward-looking statements in light of new information
or future events.
Contemplated, projected, forecasted or estimated results in such
forward-looking statements involve certain inherent risks and
uncertainties. A number of factors – many of which are beyond
the ability of the Company to control or predict – could cause
actual results to differ materially from those in its
forward-looking statements. These factors include,
among others, the following possibilities: (I) heightened
competition, including specifically the intensification of price
competition, the entry of new competitors and the formation of new
products by new or existing competitors; (II) adverse state, local
and federal legislation and regulation or adverse findings or
rulings made by local, state or federal regulators or agencies
regarding AMCORE and its operations; (III) failure to obtain new
customers and retain existing customers and related deposit
relationships; (IV) inability to carry out marketing and/or
expansion plans; (V) ability to attract and retain key executives
or personnel; (VI) changes in interest rates including the effect
of prepayments; (VII) general economic and business conditions
which are less favorable than expected; (VIII) equity and fixed
income market fluctuations; (IX) unanticipated changes in industry
trends; (X) unanticipated changes in credit quality and risk
factors; (XI) success in gaining regulatory approvals when
required; (XII) changes in Federal Reserve Board monetary policies;
(XIII) unexpected outcomes on existing or new litigation in which
AMCORE, its subsidiaries, officers, directors or employees are
named defendants; (XIV) technological changes; (XV) changes in
accounting principles generally accepted in the United States of
America; (XVI) changes in assumptions or conditions affecting the
application of "critical accounting estimates"; (XVII) inability of
third-party vendors to perform critical services for the Company or
its customers; (XVIII) disruption of operations caused by the
conversion and installation of data processing systems; (XIX)
adverse economic or business conditions affecting specific loan
portfolio types in which the Company has a concentration, such as
construction, land development and other land loans; (XX) zoning
restrictions or other limitations at the local level, which could
prevent limited branch offices from transitioning to full-service
facilities; (XXI) possible changes in the creditworthiness of
customers and value of collateral and the possible impairment of
collectability of loans; (XXII) changes in lending terms to the
Company and the Bank by the Federal Reserve, Federal Home Loan
Bank, or any other regulatory agency or third party; (XXIII) the
recently enacted Emergency Economic Stabilization Act of 2008, and
the various programs the U.S. Treasury and the banking regulators
are implementing to address capital and liquidity issues in the
banking system, all of which may have significant effects on the
Company and the financial services industry, the exact nature and
extent of which cannot be determined at this time; (XXIV) failure
by the Company or Bank to comply with written agreements, consent
orders, written directives, or to develop and implement an
acceptable capital restoration plan under the Prompt Corrective
Action guidelines, and if the Company cannot otherwise comply with
such commitments and regulations, the possibility of a forced sale,
liquidation or federal conservatorship or receivership of the Bank;
(XXV) significant operating losses, the resulting deterioration in
the Company's and Bank's capital position and the Company's current
default under its senior debt facility could impact the Company's
ability to continue as a going concern; and (XXVI) the effect of
receiving a "going concern" statement in the Report of Independent
Registered Public Accounting Firm on the Company's 2009
Consolidated Financial Statements.
CONTACT: AMCORE Bank
Katherine Taylor
815-961-7164
Midland States Bank
Sharon Schaubert
217-342-7567
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