United Community Bank buying local branches from Heartland

Posted: Apr. 11, 2013 4:01 pm Updated: May. 2, 2013 4:12 pm

United Community Bank, with headquarters in Chatham, has entered into an agreement to acquire seven banking offices from Heartland Bank and Trust of Bloomington.

Office locations include Quincy, Macomb, Colchester and Bushnell in Illinois as well as one in Palmyra, Mo.

United Community Bank will acquire about $188 million in deposits and $84 million in loans. The transaction is subject to regulatory approval and is expected to be complete in October.

"UCB is excited to further expand its presence in the Western Illinois market," said United Community Bank Chairman Robert Narmont.

Fred Drake, Heartland Bank chairman and CEO, said Heartland will work with UCB to make the transition smooth.

United Community bought the Brown County State Bank and Marine Bank and Trust of Carthage in 2010 from Mercantile Bancorp Inc. of Quincy.

Upon completion, United Community Bancorp Inc. will have an asset size of $1.5 billion and 31 locations. Other facilities in Western Illinois include branches in Augusta, Carthage, Golden, Hamilton, Mount Sterling, Pittsfield and Winchester.