Town And Country Financial Corporation Announces Its Two Bank Subsidiaries Becoming One
SPRINGFIELD, Ill., Feb. 15, 2012 /PRNewswire/ -- Town and Country Financial Corporation (TWCF) announced today that its two banking units—Logan County Bank and Town and Country Bank—will be connected later this year to form one, strong community bank charter under the Town and Country Bank name. The combined banks have a total of 10 banking offices in Lincoln, Buffalo, Springfield, Decatur, Forsyth, and Mt. Zion. The combination is tentatively scheduled for the fourth quarter of 2012, and there are no changes to the management and staff at either bank.
Logan County Bank has been a wholly owned subsidiary of Town and Country Financial Corporation since 1985. This change represents a joining of two sister banks that have been operated within the same company for nearly 30 years. Both banks are celebrating their 50th anniversary in 2012, and the Buffalo location is celebrating its 100th anniversary.
Commenting on the announcement, Micah R. Bartlett, President & CEO of Town and Country Financial Corporation said, "The time was right for us to connect our two banks to form an even stronger banking franchise in Central Illinois. We will be able to leverage the strengths of both organizations to better serve all of our customers and offer expanded products and convenience in all of our communities." He added, "Together with our pending acquisition of a $65 million branch in Quincy, Illinois, this represents a major advancement in the progress of our company."
Both banks recently announced financial results for 2011, reflecting strong balance sheets and performance. Logan County Bank reported profits of $906 thousand, up 12% from the prior year with total risk-based capital of 16.1%. Town and Country Bank reported profits of $2.6 million, up 23% from the prior year with total risk-based capital of 15.9%. On a combined basis, the banks have total capital of over $46 million and total assets of approximately $380 million.Brian Ash, President & CEO of Logan County Bank, stated, "At least one key focus will be expanding the agricultural expertise of Logan County Bank into Sangamon, Macon, and the surrounding counties as well. Our banks are very strong financially, and by joining forces we are able to more easily serve a larger and more diverse set of customer needs. We are focused on providing even more loans and other services in our local communities." Town and Country Financial Corporation is the parent holding company for Town and Country Bank, Town & Country Banc Mortgage Services, Inc. and Logan County Bank. The company provides comprehensive lines of retail, commercial, agricultural, and mortgage banking as well as trust and investment services to families, businesses, and organizations. Town and Country Financial Corporation shares are traded under the symbol TWCF.
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