By Kendra Hennis
TNB Bank President Lloyd Murphy announced on Friday, September 3 that TNB Bank will be merging with TrustBank of Olney, Illinois. The transaction has been unanimously approved by the Board of Directors of both companies. Pending regulatory approval, the organizations will combine before the end of the year.
“This combination strengthens both banks by allowing us to reach a size that makes it possible to offer more products and services to our customers,” said Murphy. “It gives us a partner that has been continuously engaged in lending to farmers, small business people, and consumers in a community much like Tuscola. We are very protective of the business we have developed over our 131-year history, and TrustBank is the right partner to ensure that we can serve Tuscola and Douglas County for another 131 years.
On a personal note, I couldn’t be happier to be doing this deal with Dan Eichelberger, the President and CEO of TrustBank. Dan and I have known each other for several years and he has become a trusted friend. I’ve seen how he runs his bank, and I know a number of his top people. To have them behind us, supporting our operations here in Douglas County, is a tremendous advantage to us and to our customers.”
Dan Eichelberger stated, “This transaction allows us to further expand in central Illinois with a market share leader in Douglas County. TrustBank will be able to provide additional products and services to the Tuscola and surrounding communities with our specialties in wealth management (Trust and Investment services) and crop insurance, as well as expanded online business functionality.”
In our interview, Murphy noted his excitement for the opportunities the merger will present for the community, saying that it will allow them to offer more products and services for their customers. He said at this time that there are no rebranding plans, however there will likely be some eventually to allow for more efficient action to the organization. Murphy explained that, “when customers come in they’ll see the same people and get the same experience they’ve ever had, with a few improvements.”
TNB Bancorp, Inc. is headquartered in Tuscola, Illinois, and owns TNB Bank, which was chartered in 1890. From its single location in Tuscola, TNB has grown to be the deposit market leader in Douglas County. TrustBank was chartered in Olney, Illinois in 1912.
Upon completion of the merger, the combined company is expected to have approximately $400 million in assets and seven locations in Illinois and Arizona.
Gerrish Smith Tuck, P.C. served as legal counsel and Vining Sparks as financial advisor to TrustBank and its parent company, Rich Land Bancorp, Inc. Vedder Price P.C. served as legal counsel and Janney Montgomery Scott LLC. served as financial advisor to TNB Bancorp, Inc.