Central Bancshares completes Illinois purchase

Central Bancshares, corporate parent of CBI Bank & Trust in Muscatine, has completed its purchase of Brimfield Bank in Brimfield, Ill., as it awaits regulatory approval of another acquisition.

CBI Bank & Trust, formerly known as Central State Bank, operates branches in Coralville, Kalona, Washington and Wilton. The privately held bank holding company has assets of $787 million.

Brimfield Bank has been merged with F & M Bank of Galesburg, Ill., and will operate as F & M Bank. The transaction, which was announced in March, was completed on July 1.

Account numbers, checks, debit cards, automatic payments and similar items will not change. The Brimfield location will change over to F & M Bank's computer system later this year.

Central Bancshares serves 40,000 households and businesses through 13 offices in Eastern Iowa and western Illinois. A 14th location will be added with CBI Bank & Trust's pending acquisition of the Davenport office of MidWestOne Bank.

The agreement, announced in May, includes all accounts at the office and consists of approximately $12 million in deposits and $33 million in loans. The purchase is scheduled for completion in early August.

'We're pleased by the opportunity this represents for our organization,” Greg Kistler, president and CEO of Central Bancshares, said in a news release. 'While this will be our first location in the Quad Cities, we already have a number of commercial and mortgage loan customers in the area.”