BLACKHAWK BANK & TRUST ANNOUNCES PURCHASE OF PORT BYRON STATE BANK
Milan, IL – (March 11, 2016) – Dennis Eckhardt, President and CEO of Port Byron State Bank and Blackhawk Bank & Trust Executive Chairman, W. Gerard Huiskamp along with James H. Huiskamp, President of Blackhawk Bank & Trust, jointly announce the sale of Port Bryon State Bank to Blackhawk Bank & Trust.
First Port Byron Bancorp, Inc. is the parent company of Port Byron State Bank, a community bank with $72 million assets. The Bank’s three branch offices are in Colona, Coal Valley, and Port Byron, IL. Blackhawk Bank & Trust, with $1.2 billion in assets, has 16 branches located throughout Rock Island, Henry, and Mercer Counties in Illinois as well as Scott County in Iowa.
“We are excited to bring together two banks that are committed to our local communities”, said Dennis Eckhardt, President and CEO of Port Byron State Bank. “The opportunities for our customers will continue to grow as we join with Blackhawk Bank & Trust.”
Jim Huiskamp, President of Blackhawk Bank & Trust added, “The addition of Port Byron State Bank to the Blackhawk family is a natural extension for us. Over the past 50 years we have continued to grow, and serve, in the smallest, and largest, of the extended Quad Cities communities…we are extremely excited to bring Port Byron into that fold.”
Completion of the merger is subject to approval by The Federal Deposit Insurance Company, The Federal Reserve Bank and the State Banking Departments of Iowa and Illinois. The merger completion is slated for late spring of 2016. Details of the purchase price were not announced.
About the banks:
Blackhawk Bank & Trust, a locally owned and operated bank, put down its roots in Milan, IL where the bank still maintains its headquarters. Blackhawk Bank & Trust’s branch offices are located in Milan, Aledo, Edgington, Coal Valley, Rock Island, Moline, East Moline, Silvis, Colona, and Geneseo, Illinois and Davenport, LeClaire, and Princeton, Iowa.
Port Byron State Bank was founded by a pioneer merchant named W.H. Devore in 1863. During the 1850s, he established a general store and a banking business. It became a regular banking business in 1863, established under the name of W.H. Devore, banker. In 1903, the bank was incorporated as a State Bank. The bank continues to serve customers from the same site in downtown Port Byron. The Colona branch opened in 1999, followed by a third location in Coal Valley in 2006.