The 52 branches of AMCORE Bank, including one in St. Charles, will reopen as Harris Bank on Saturday, April 24, officials said.
Harris Bank announced its acquisition late Friday of certain assets and liabilities of Rockford-based AMCORE Bank, from the Federal Deposit Insurance Corporation, effective immediately.
"We are proud to welcome our new customers to Harris," said Bill Downe, president and CEO of BMO Financial Group in a prepared statement. "Ensuring they and every one of our new employees feel welcome is a high priority as we work together to bring Harris' well-known name and excellent service to them. The FDIC's effort to help bring greater stability to the industry is something we are pleased to support."
Downe said taking over AMCORE "is a perfect strategic fit" that accelerates its growth strategy and reinforces an already strong position in the Midwest.
"The addition of this franchise – quality locations and a valuable customer base – supports our current market share and expands Harris' branch network into communities in northern Illinois and southern Wisconsin, including Madison and Rockford, where we already have a strong and growing commercial banking presencem," Downe said in the statement.
Customers can continue to bank with at these locations and will be served by the same employees.
Deposits of former AMCORE customers will remain insured by the FDIC up to the applicable federal deposit insurance limits and they can continue to access their money by writing checks and using their debit cards or ATMs. Checks drawn on AMCORE will continue to be processed, and loan customers should continue to make payments as usual.
Harris is a strong and stable financial institution and customers can feel confident that their bank deposits with Harris are safe and secure, according to the statement.
"Harris is a leading financial institution that has served the Midwest for more than 125 years and has a long reputation for honesty and fair dealing," said Ellen Costello, president and CEO of Harris Financial Corp, in a statement.
"We warmly welcome our new customers and colleagues, and are committed to making this an excellent transition for all," Costello said in a statement. "We are very excited about expanding our overall presence in these areas and will be providing on-the-ground resources for our new employees. We are also looking forward to building on the strong customer and community relationships that AMCORE established."
Customers with questions about the transaction can call the FDIC toll-free at 800-591-2767 until 9 p.m. Friday, 9 a.m. to 6 p.m. Saturday; and noon to 6 p.m. Sunday from CDT. Information is also available on the FDIC Web site, www.fdic.gov.