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Evansville bank to buy two Amcore banks

By GINA DUWE ( Contact )   Wednesday, August 19, 2009 - 11:29 a.m.
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EVANSVILLE--Union Bank & Trust announced today it plans to buy two Amcore Bank branches in New Glarus and Belleville.

The transaction includes about $21 million in loans and $36 million in deposits and sweep accounts, according to a news release. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in November.

The financial terms of the transaction were not disclosed.

Union Bank & Trust already has a branch in Belleville, and it plans to consolidate the Amcore bank, said Steve Eager, senior vice president.

The purchase allows Union Bank & Trust to expand into another area community, New Glarus, he said.

“It’s a really nice fit for our bank,” he said.

For a full story, read Thursday’s Janesville Gazette, read online in the Gazette’s E-Edition or check back at GazetteXtra.com.




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(18)
gameshowaddict
Aug 25, 2009 at 10:23 a.m.
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I am not happy about Amcore being bought out. My account was created in New Glarus. The Amcore branches in Monroe and Argyle were bought out first. They will become First National Bank and Trust Company. Union Bank Trust and Company bought out the ones in New Glarus and Belleville. I went to Amcore in New Glarus on 8/21/'09. I asked them to cancel the checks that were ordered for myself, two days earlier. I changed banks. I opened a checking account at Anchor Bank in New Glarus. I already have a burial trust account there. I got a cashier's check from Amcore. I started my Anchor Bank account with that. I am not driving to Verona, Madison, Mount Horeb or Darlington; to stay with Amcore. I am trying to get a job somewhere. I prefer to deposit the check in the same town that I work in. My father won't switch banks. His mortgage is with Amcore. I told New Glarus that if Amcore wasn't bought out, I would have stayed with them.

metromilton
Aug 19, 2009 at 10:39 p.m.
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Agree with Pat...UBT customer service sucks!!! It all starts at the very top and trickles down.

I will never go there to even get change (not that they would let non account holders do that anyways) because of their poor service and attitudes.

For a business that has always promoted being efficient and profitable by being small, they are not being true to their past statements.

janesvillean
Aug 19, 2009 at 6:21 p.m.
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Amcore may have challenges in this recession like the rest of the industry, but they are not a very troubled bank. They have a "Texas ratio" of 43, compared to UB&T's ratio of 31. (The danger zone starts around 100, roughly meaning 100% of the bank's assets would need to be liquidated to cover its obligations. By comparison, one bank recently taken over by the FDIC had a Texas ratio in the mid-200s.) This seems to be a well-functioning bank that is trimming some of its furthest-flung branches to be more efficient.
http://bit.ly/1dLzS7

curtaincall
Aug 19, 2009 at 5:43 p.m.
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Yes it was sarcasm,, they are far from taking over the world, but to think 20 years ago where were they?

KayT99
Aug 19, 2009 at 5:33 p.m.
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I am not quite sure how UBT can be described as "taking over the world" by purchasing two branches of Amcore.... I sure hope that was sarcasm on curtaincall's part...

As a member of a community that UBT serves I am proud ot have my local bank doing this well.

You may or may not like UBT for various reasons, but having successful businesses in your community is what helps add value to your community. Congratulations UBT!

JimP
Aug 19, 2009 at 3:55 p.m.
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They are trying to raise cash to save there core business.

Amcore sold two banks last week.

Monroe and Argyle to First National Bank and Trust Co.

gpawcat
Aug 19, 2009 at 3:13 p.m.
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After a bank is taken over by the federal government the assets are sold to a stronger bank(like Union). My bank mortgage loan will go to another stronger bank approved by the FDIC. Unless you taxpayers want to give old grampa a free house, that's O.K. with me. Let's be like congress!

pat
Aug 19, 2009 at 3:06 p.m.
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You must not catch many of my posts then as I find plenty of nice to say when warranted. However you would have to know the things I know about how this bank is run. There are alot of people who don't and won't bank there. Not everyone likes them. Period. It has to do more with who runs the bank really than how its run.

curtaincall
Aug 19, 2009 at 3:01 p.m.
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So has Amcore bank failed or just wanted to unload some banks. It seems UBT is becoming like Walgreens and Walmart going to take over the world?

gpawcat
Aug 19, 2009 at 2:52 p.m.
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My mortgage bank just failed in Texas. Looks like I'll be sold again.

momknowsbest
Aug 19, 2009 at 2:45 p.m.
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Congrats to UB&T! It is nice to see a local, community bank doing well!

janesvillean
Aug 19, 2009 at 2:32 p.m.
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Substance free rumor-mongering can be safely ignored.
.
This does look like a good fit for UBT. Congratulations to the bank, its employees, and shareholders for doing well in a rough economy.

RonBurgundy
Aug 19, 2009 at 2:15 p.m.
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Pat, you must be an unhappy person because I do not think I have ever read a positive post from you. Lets go back to Grammar School, "If you don't have something nice to say...." I am sure you can figure out the rest. P.S. Good for your brother! Kudos to the UB&T for doing well in these tough times!

pat
Aug 19, 2009 at 2:12 p.m.
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We don't need to worry about posting negatives. Its someone's opinion, and there is reason behind those opinions. NOW if he had posted what he knows then yes, the word careful could be used. Any one can get good advertising if they pay enough.

ABnNoGma2
Aug 19, 2009 at 1:48 p.m.
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We really need to be careful in posting negatives about our local businesses. Union has a very high rating, they did not get involved in the messy lending, and even appeared on Madison TV for their smart, conservative banking practices. I am not local to Evansville so I don't bank there, but my sister does and she has had nothing but praises for that bank!

pat
Aug 19, 2009 at 12:45 p.m.
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My brother banks at Amcore bank in New Glarus and went this a.m. and changed banks after hearing this, (he said the talk was going around for a while.) He said he has heard to many negatives about UBT and will not be a lend his money to their greedy hands.

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