Central Bank Illinois announces the signing of a definitive agreement to acquire the First National Bank and Trust Co. of Rochelle, subject to regulatory approval.

The proposed acquisition supports the strategic initiatives and strategies of Central Bank Illinois to expand its footprint in new markets supporting a strong foundation of community banking.

The First National Bank and Trust Co. of Rochelle has approximately $278 million in assets with three locations serving the communities of Rochelle, Ashton and Oregon, Ill. The combined entity, operating as Central Bank Illinois, will have assets of approximately $850 million upon completion of the acquisition.

John DuBois, Central Bank president and CEO, stated, “Central Bank Illinois and the First National Bank and Trust Co. of Rochelle have very similar cultures and community bank philosophies. This acquisition allows us to match our two organizations and expand into the market area of Ogle and Lee counties. We are extremely pleased to welcome the customers, employees and communities served by First National Bank.”

Scott Tilton, president and CEO of First National Bank and Trust Co. of Rochelle, added, “Since 1934, the First National Bank and Trust Co. of Rochelle has served Rochelle and the surrounding area as a financial partner, helping friends and neighbors achieve financial success. For over eight decades we have built a solid foundation, and as we looked to potential partners, Central Bank Illinois presented as the clear leader to continue to build upon the foundation laid.”

First National Bank and Trust Co. of Rochelle’s three offices will remain open and continue to serve customers under the First National Bank name until the acquisition is finalized, which is anticipated to be in early third quarter 2017, after which time they will transition to the Central Bank Illinois name.

DuBois added, “We look forward to serving our new customers with the same exceptional service they are accustomed to, and our organizations and staffs are committed to strengthening our relationships.”

Central Bank Illinois is headquartered in Geneseo, and has full service branch locations in the Illinois communities of Geneseo, Andover, Fulton and Princeton with limited purpose loan offices in Prophetstown and Peru. Central Bank has grown to approximately $615 million in bank assets, along with $235 million in trust relationships since first opening in 1907. Once approved, this will be the fourth acquisition for Central Bank Illinois.