January 6, 2010 (FinancialWire) — AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc. (NASDAQ: AMFI), said it has reached a definitive agreement with Midland States Bank of Effingham, IL, to sell 12 branches and two stand-alone drive-ups. The branches are located in Dixon, Freeport, Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling.

The transaction includes approximately $480 million in loans, $540 million in deposits and sweep accounts, up to $400 million in trust and brokerage account relationships, as well as the branch facilities, related fixed assets and leases. In connection with the sale, AMCORE will receive a 1.5% deposit premium and a $1.5 million trust account premium. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in first quarter 2010.

AMCORE recently reported several events that will improve its capital position, including the sale of $135 million in non-strategic, non-relationship loans, the completed sale of four rural Wisconsin branches in November, and recent tax legislation that will result in a federal income tax refund of $25 to $30 million.

AMCORE Market president Jeff Lovett and Sandi Hall, Regional Retail Sales Manager, will transition in their roles to Midland States Bank and will continue to serve customers in this region. “We believe Lovett’s and Hall’s expertise and knowledge of the region are a valuable asset for Midland States Bank and their customers,” said McManaman. “Midland States Bank has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that AMCORE proudly provided.”

AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of $4.0 billion with 66 locations in Illinois and Wisconsin.

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