Merger to expand Morton Community Bank’s footprint in the Twin Cities

Hundred dollar bills stock photo
Hundred dollar bills stock photo(MGN)
Published: Dec. 1, 2022 at 8:32 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

MORTON (25 News Now) - Morton Community Bank is acquiring a Springfield-based bank with branches in Bloomington-Normal.

Holding company Hometown Community Bancorp Inc. announced Thursday it’s acquiring Marine Bank’s parent firm, which has 11 branches, two of them in the Twin-Cities.

The merger is expected to happen during the second quarter of next year, pending regulatory approval and the backing of Marine Bancorp shareholders.

The acquisition will boost Morton Community Bank’s total assets to about $5.75 billion, according to a news release. The employee-owned bank has almost 500 employees at 45 branch locations.

“We are excited about the can-do spirit of Marine Bank,” said Andy Honegger, President and Co-CEO of Morton Community Bank in a prepared statement.

“We are looking forward to partnering with such a successful community bank, with talented and dedicated employees who will continue to serve their loyal customers,” Honegger said.

Chris Zettek, Marine Bank’s president and CEO, also released a statement.

“We are looking forward to the opportunities that come with Morton’s employee-owned culture and entrepreneurial spirit. This partnership will allow us to continue to deliver to our customers the highest quality community bank experience possible,” Zettek said.

Morton Community Bank was established in 1960. It claims to have “grown steadily” since then, acquiring several Associated Bank branches in Peoria in 2020, First Trust and Savings Bank in Albany in 2019, State Bank of Arthur in 2018, and State Bank of Speer in 2017.

Marine Bank’s 11 locations include a commercial lending office at 1702 Tullamore Avenue in Bloomington and a branch at 1508 Fort Jesse Road in Normal.

Hometown runs Bloomington-Normal Community Bank at 2807 East Empire.