Logan County Bank & Town and Country Bank become one
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[March 11, 2013]
SPRINGFIELD -- Town and Country
Financial Corp. announced Friday that its two banks -- Logan County
Bank and Town and Country Bank -- would be connected officially at
the close of business that day to form one, strong community bank
charter under the Town and Country Bank name. The combined banks
have a total of 12 banking offices in Buffalo, Decatur, Forsyth,
Lincoln, Mount Zion, Quincy and Springfield. 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 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 celebrated their 50th anniversary in
2012, and the Buffalo location celebrated its 100th anniversary.
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."
Town and Country Financial reported 2012 net income of $3.0
million on record recurring revenue of $22.4 million. Excluding
security gains and losses, 2012 was a record year for profitability.
Mortgage lending retail origination and correspondent service
volumes were up 63 percent as compared with the previous year, while
business loan balances increased by 12 percent. Trust revenues grew
27 percent as managed assets grew by 38 percent.
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Brian Ash, president and CEO of Logan County Bank, said: "One key
focus will be expanding the agricultural expertise we have here in
Logan 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 Corp. is the parent holding company for
Town and Country Bank and Town & Country Banc Mortgage Services Inc.
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 shares are traded under the symbol TWCF.
[Text from file received from
Town and Country Bank]