Hometown Community Bancorp, Inc. and its subsidiary Morton Community Bank, and TSB Financial, Inc. and its subsidiary Tremont Savings Bank, announce that Tremont Savings Bank will merge with Morton Community Bank.
“This merger shows our strong confidence in the rebounding of the economy of the entire Central Illinois area,” said Hometown Community Bancorp, Inc. Co-Chairman Gordon Honegger. “It will enable us to offer additional services to TSB customers and to improve services to MCB customers in these areas.”
Rick Jameson, President of TSB Financial, which owns Tremont Savings Bank, said, “We believe that merging with Hometown and Morton Community Bank is a prudent and beneficial move for our customers, employees and the Tremont and Stanford communities. The merger will increase lending limits and product offerings, such as Commercial loans, and Investment and Trust Services, while maintaining the Hometown Touch.” Tremont Savings Bank was formed in 1924 in Tremont (as Tremont Building & Loan Association) and added its Stanford office in 1997. Currently TSB has $43 million in assets. Mr. Jameson also stated, “In today’s competitive banking environment, we are excited about partnering with one of central Illinois’ strongest banks.”
This merger will bring Hometown Community Bancorp’s (the holding company for all Morton Community Bank locations) assets to approximately $2.4 billion with 30 Central Illinois offices in 9, mostly rural, Ag counties: Tazewell, Woodford, McLean, Mason, Fulton, Marshall, Peoria, Warren and McDonough. Current offices are located in: Morton, Pekin, Manito, Bartonville, Eureka, Minier, Sunnyland, Washington, Roanoke, Elmwood, Princeville, Farmington, Minonk, Lacon, East Peoria, Peoria, Spring Bay, Toluca, Washburn, Roseville and Macomb.
Both banks have significant employee ownership and have a long history of reinvesting in community projects. The Board of Directors of each bank has agreed upon the transaction. Pending Due Diligence and Regulatory approval, the merger is expected to be completed in the summer of 2010. The bank names will then become Tremont Community Bank and Stanford Community Bank, div Morton Community Bank.
Morton Community Bank was founded in 1960. The Co-Chairmen of Hometown Community Bancorp, Inc are Gordon Honegger and Andrew Honegger, father and son, both of Morton. Gordon grew up in rural Forrest, IL, in Livingston County. His father was Sam R. Honegger, founder of the Honegger Feed Company in Fairbury and the Honegger Hatchery in Forrest. Jean Ann Honegger who is Co-CEO/Co-Chairman of the Bank also grew up in Forrest, IL (her family was also involved in the business community there). Tremont resident Rich Sauder, General Manager of Tremont Coop Grain Co., has been on the MCB Board of Directors since 1985. Bob Jones, CEO and Owner of JH Benedict and The Cornerstone Stables in Tremont, has been on the MCB Board of Directors since 1998. More information about Morton Community Bank is available at www.hometownbanks.com.