AMBOY – Franklin Grove Bank will merge with The First National Bank in Amboy in a transaction expected to close in the second quarter of this year, the companies’ leaders said in a news release Monday afternoon.
The merger, approved by both boards, still must be approved by Franklin Grove Bank shareholders and must meet regulatory conditions, said Mike Hickey, chairman of the board and president of Amboy Bancorp Inc., the Amboy bank’s parent company.
The Franklin Grove Bank, 108 N. Elm St., will become a First National branch, and First National Bank’s management team will manage both banks, the release said.
First National Bank has the equivalent of 50 full-time employees at four sites, two in Amboy and two in Dixon, as well as an ATM machine at KSB Hospital in Dixon.
Franklin Grove Bank, which was founded as a private bank in a general store in 1880, and was chartered in 1889, has five employees, all of whom are welcome to stay with the company, Hickey said.
“We look forward to them joining us if they so desire. We are hoping that they will,” Hickey said.
Bill LeFevre, is chairman of the board and president of Franklin Grove Bank.
“We are confident that the merger will create a stronger community bank that is better positioned to serve Amboy, Franklin Grove and surrounding communities than could be achieved separately,” he and Hickey said in the release.