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FOR IMMEDIATE RELEASE
September 23, 2020

Contact:
Alvin Fritschle, Chairman & CEO
618.382.5875 | AFritschle@MyFirst.Bank


First Bank to Acquire Heritage State Bank

Illinois-based community banks announce plans to join forces.

 

CARMI, ILLINOIS and LAWRENCEVILLE, ILLINOIS (September 23, 2020) – Carmi, Illinois-based First Bank (First National Bank of Carmi) and Heritage State Bank, headquartered in Lawrenceville, Illinois, jointly announced a partnership under which First Bank will acquire Heritage State Bank.

“It’s the perfect partnership. Both Heritage State Bank and First Bank have demonstrated strong commitment to support our agricultural communities in our markets,” says Alvin Fritschle, First Bank’s Chairman & CEO. “By creating innovative ways to take care of our clients, we’ve been by the side of our agricultural clients through good times and bad for a multitude of generations."

Kevin Kavanaugh, Heritage State Bank Chairman & CEO adds, “We are delighted that we have found a partner who will continue our commitment to quality customer service and will also provide our customers with added convenience, more product choices and expanded business services.”

“We welcome Heritage State Bank clients with open arms and assure you that we will take very good care of you. Like the team at Heritage State Bank, we focus on the individual needs of each client,” explains Nikki Roser, President of First Bank. “Also, as a part of our commitment to remain an independent, community bank, we have invested heavily in developing new technologies. This commitment to investing in technology is now paying off as it allows our business and agricultural clients to do their banking remotely. We are there whenever and wherever they need us. We believe Heritage State Bank clients will appreciate what that can do for them.”

First Bank has nine branches in Carmi, Mount Carmel and Grayville in Illinois and Princeton, Evansville, Mount Vernon and Poseyville in Indiana, pairing perfectly with Heritage State Bank’s three branches in Lawrenceville, Illinois, and Haubstadt and Vincennes in Indiana.

There are no immediate changes for Heritage State Bank clients. The conversion of accounts and services from Heritage State Bank to First Bank is expected to happen mid-March 2021. The closing is subject to customary conditions, including regulatory and shareholder approvals. Clients will receive information well in advance of any changes that may affect them, as both banks are committed to a
seamless transition.

First Bank was advised by Barack Ferrazzano Kirschbaum & Nagelberg LLP and Heritage State Bank was advised by Luse Gorman, PC.

About First Bank:

Founded in 1893, First Bank has over $460 million in assets, nine branches and specializes in delivering tailored and unexpected solutions to businesses, farmers and families. Its holding company, Southern Illinois Bancorp, Inc., in Carmi, Illinois, has three other entities including First Insurance Agency, First Financial Services and Southern Illinois Title – together employing 115 associates. Learn more at MyFirst.Bank.

About Heritage State Bank:

Heritage State Bank has served Lawrence County, Illinois, for over 100 years. With over $84 million in assets, Heritage State Bank has three branches, eleven employees and an expertise in agricultural banking. Learn more at HeritageSB.com.

Media Release-First Bank to Acquire Heritage State Bank-September 23, 2020

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