August 13, 2009 (FinancialWire) — AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc. (NASDAQ: AMFI), has reached a definitive agreement with First National Bank and Trust company of Beloit, WI, to sell two branches located in the Wisconsin communities of Monroe and Argyle. The transaction includes approximately $70 million in loans, $140 million in deposits and sweep accounts, and up to $50 million in related trust accounts.

The brokerage and 401(k) plan business are not part of the sale and will remain with AMCORE. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in the fourth quarter 2009. The financial terms of the transaction were not disclosed.

In making the announcement, AMCORE chairman and chief executive officer William McManaman said: “The decision to sell these branches is another step in AMCORE’s strategic efforts to improve profitability and efficiencies as we work to establish the solid foundation to rebuild our company into a successful and sustainable regional community bank. The sale reinforces that we are intently focused on actions that we believe will contribute to that success. First National Bank and Trust company has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that AMCORE proudly provided.”

Steven M. Eldred, president and chief executive officer of First National Bank and Trust, expressed his optimism for the potential new opportunities made possible by the acquisition. “We believe this acquisition is good for the communities, since branch resources will be kept working right here in the Argyle and Monroe areas to serve the many needs of our neighbors. Customers can expect a broad array of products and services, including checking and savings programs, residential mortgages, commercial lending, wealth management and a variety of electronic conveniences such as mobile banking and online account opening.”

“We realize the importance of offering more than just competitively-priced financial products,” said Eldred. “We’re confident that by offering sound advice and exceptional service we will earn the trust of each customer.”

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