First Bank to merge with PBT

January 9, 2024 95

PANA/ARCOLA — John Gardner, President and CEO of Peoples Bank and Trust (PBT or Peoples), headquartered in Pana and Dale Boyer, President and CEO of First Bank, headquartered in Arcola, are pleased to announce an agreement to merge First Bank with Peoples Bank and Trust. The bank resulting from the merger will be Peoples Bank and Trust. The agreement is subject to regulatory approval and is expected to close in late spring or early summer.

“I’m excited to bring Peoples Bank & Trust to Arcola, Arthur, and Tuscola.” Boyer said, “They have a true focus on delivering the best possible services, and are dedicated to providing excellent customer service to the communities they serve.”

“We sought a partner that will serve our customers with the same emphasis on personal service as we have for the past 150 years. We found that in Peoples Bank & Trust,” stated Joe Monahan, Chairman of the Board of Directors of First Bank. “The banks are very similar. Our motto is Every Person Matters, and their motto is We Put People First. Both banks emphasize customers and customer service. We know that this approach will be continued in our communities moving forward.”

“Peoples Bank & Trust’s strength as one of the top USDA and SBA guaranteed lenders in the state will certainly be a benefit for our business customers,” Boyer added. “We look forward to sharing expanded product offerings and a heightened business lending expertise with the business customers we serve.”

“Aside from the opportunity to be a part of the Arcola, Arthur, and Tuscola communities, we’re excited about the opportunity to have the outstanding employees of these locations join our existing team,” Gardner adds.

As a part of the agreement, all existing staff will be retained.

“We believe the most important relationships in banking are the personal relationships between the customer and the bank employees that serve their financial needs,” said Gardner. “Respecting that relationship is our first step in continuing to provide outstanding customer service.”

Customers of Arcola First Bank will soon receive additional specific information explaining the transition well before the actual transition date.

First Bank is headquartered in Arcola and operates three banking centers in central Illinois. Established in 1874, First Bank, which includes branches in Arthur and Tuscola, is a community bank that offers a full range of financial services. For more information about First Bank, visit ArcolaFB.com.

Peoples Bank & Trust is a locally owned and managed independent community bank with ten offices in Pana, Taylorville, Altamont, Tower Hill, Charleston, Springfield, Morrisonville, Palmyra, Waverly, and White Hall. Peoples is a full-service bank offering outstanding customer service to consumers, small businesses, and farmers in Central Illinois. Peoples First Bancshares, Inc., with corporate offices in Pana, Illinois, is the holding company for Peoples Bank & Trust. For more information about Peoples Bank & Trust, visit BankPBT.com.