Town and Country Bank and Logan County Bank to combine
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[February 16, 2012]
SPRINGFIELD -- Town and Country
Financial Corp. announced on Wednesday that its two banking units --
Logan County Bank and Town and Country Bank -- will be connected
later this year to form one 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 Mount
Zion. The combination is tentatively scheduled for the fourth
quarter of this year, and there are no changes to the management and
staff at either bank.
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Logan County Bank has been a wholly owned subsidiary of Town and
Country Financial Corp. 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 and
CEO of Town and Country Financial Corp., 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, Ill., 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 $906,000, up 12 percent from the prior year,
with total risk-based capital of 16.1 percent. Town and Country Bank
reported profits of $2.6 million, up 23 percent from the prior year,
with total risk-based capital of 15.9 percent. On a combined basis,
the banks have total capital of over $46 million and total assets of
approximately $380 million.
Brian Ash, president and 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."
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Town and Country Financial Corp. 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 Corp. shares are traded
under the symbol TWCF.
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Online:
http://www.logancountybank.com/
http://www.townandcountrybank.com/
[Text from file received from
Town and Country Bank]
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