Mason City bank announces merger

 

[October 05, 2021] 

The board of directors of AC Bancorp, Inc., parent company of the Alliance Community Bank, and the board of directors of Firstate Bancorp, Inc., parent company of the 1st State Bank of Mason City, are both pleased to announce the completed merger of their banks, operating under the Alliance Community Bank brand. With over $350 million in assets, Alliance Community Bank is established as the leader in agricultural lending and residential fixed rate mortgage lending in the geographic market area north of Springfield, Illinois. This merger increases their market share while growing their service area into Mason and Logan counties by adding a Mason City location to their bank network.
 

Headquartered in Petersburg, Illinois in the heart of Menard County, bank President and CEO John L. Leinberger credits today’s announcement as a culmination of the strategic plans of both banks.

 “Alliance Community Bank is not just our name, it reflects what can happen when people work together toward a common goal. We are a full – service financial institution with access to traditional bank products in addition to wealth management and trust services. We have local ownership, a board of directors with deep roots in our communities, and our employees live and shop locally. Our financial and volunteer support for local municipalities and community service organizations is without equal. Our proven commitment to be an active part of the communities we serve is what attracted the 1st State Bank of Mason City to join our banking alliance. We have a storied legacy and envision an exciting future for Alliance Community Bank. We look forward to opportunities to expand into new markets as a progressive community-focused bank.”

[Lindsy McAnally
Vice President of Administration
CRA/Assistant Compliance Officer]