On the afternoon of Monday, Feb. 24, First Bank and Dieterich Bank both issued statements about the sale and acquisition of several local bank branches.
First Bank noted that they were consolidating their footprint with the sales of some branches and had “reached an agreement in principal with three different banks to execute the sale of 14 of its branches in predominantly rural markets.”
It was noted that locally, Dieterich Bank had agreed to purchase First Bank’s Red Bud, Columbia, Chester, Waterloo and Breese locations.
“The purpose of these sales is to focus our branch network on markets where we have the greatest opportunity to grow and align our investments with our strategy,” said First Bank Chairman and CEO Shelley Seifert in the press release.
First Bank notes that they are one of the largest privately owned banks in the country. They have over $6 billion in assets and nearly 100 locations throughout California, Missouri and Illinois.
For more on this acquisition, please see this week’s print edition.