MORRIS – Customers at Morris Building & Loan in Morris may notice some minor changes, but overall their banking will be business as usual, according to The State Bank Group, which has acquired Harvard Savings bank.
As of Aug. 1, The State Bank Group has completed its acquisition of Harvard Savings Bank, which is the parent company of Morris Building & Loan, under a purchase and assumption agreement.
The State Bank Group's parent company, Wonder Bancorp Inc., has acquired certain assets and liability of Harvard Savings Bank in the acquisition that started over a year ago.
"We've worked very hard to make sure changes to the customer are very minimal," Dena Innes, of The State Bank Group, said Monday.
For now, the name and personnel at the Morris branch will remain unchanged, as will be the case at the other Harvard Savings Bank locations in McHenry County. Innes said there may be some signage changes that customers notice.
The acquisition of Harvard Savings Bank has increased The State Bank Group’s number of banking locations from six to nine. This increase strengthens The State Bank Group’s presence in McHenry County and expands it to Grundy County.
"We look forward to providing our newest customers the local friendly service they have come to know and trust," stated Stephen Mitchell, president of The State Bank Group, in a news release.
As of June 30, the assets of The State Bank Group total about $171 million and those of Harvard Savings Bank total about $141 million.