FOR IMMEDIATE RELEASE: JULY 01, 2017
State Bank of Arthur Announces Merger with Employee-Owned Bank
Jim Jurgens, President and CEO of the State Bank of Arthur, and Hometown Community Bancorp, Inc., the parent company of Morton Community Bank, today announced an upcoming transition in ownership for the State Bank of Arthur.
As a part of the ownership change, Jurgens will assume the position of Chairman Emeritus; Scott Seegmiller will be promoted to Community President; and Todd Dukeman will be promoted to Community Vice President of the State Bank of Arthur. All of the bank staff will remain employed by the Bank and will also have the very unique opportunity to become bank owners, through an employee stock ownership plan provided by Morton. There will be an advisory board of directors which will be modified to include additional community leaders.
As a result of the agreement announced today, the name will become State Bank of Arthur, a division of Morton Community Bank. Jim and Patty Jurgens will remain involved as investors in Hometown Community Bancorp (the holding company for Morton Community Bank) and look forward to serving the Arthur community as they have in the past.
The leadership of the Winningham family, including Jim Winningham and Mike Aikman, has been a major factor in the success of the Bank and the Arthur community for over fifty years. With the Winninghams now retiring and the Aikman family transitioning to a new endeavor, Aikman Wildlife Adventure, this new relationship with Morton Community Bank will provide continued stability, growth, and commitment to the community.
“In joining the Morton Community Bank organization, we are ensuring that the State Bank of Arthur will continue its legacy of commitment and service to the Arthur community. Bank customers will continue to enjoy the same local banking experience, and will also benefit from new credit card products and mobile banking along with a broader range of home mortgage and other loan products,” said Jurgens.
Hometown Community Bancorp is an employee and family-owned holding company based in Morton, Illinois. The Honegger family of Gordon (Co-Chairman), wife Jean Ann (Co-CEO), son Andy (Co-Chairman, President), and daughter Molly (Director) has roots in the farming community of Forrest, Illinois, and it was there that Honegger Feed Company served the agricultural market for decades. Both the Honegger family and the Jurgens family are confident that this new relationship will be the best way to keep the State Bank of Arthur a family, employee, and community-oriented institution.
Jurgens said, “We are pleased to be able to join with Morton Community Bank, one of the premier community banks in the entire state. Employees at both banks have a track record of providing outstanding customer service and being actively involved in the communities we serve. To celebrate this announcement, a donation of $10,000 will be made to “ALAH” High School (Arthur, Lovington, Atwood, Hammond), also known as Arthur Community Unit School District 305, to be used for Chromebooks or other technology-related equipment for students.”
The ownership transition, which is subject to regulatory approval, is scheduled for October 6, 2017. In the first week of September, approximately one month before the transition, customers will receive in the mail additional, specific information about new opportunities and services.
Andy Honegger, Co-CEO/President, Ph: 309-266-5337
Laura Elam, Senior VP/ Corporate Marketing & Administration, Ph: 309-284-1205
Morton Community Bank, Member FDIC
721 W. Jackson Street Morton, Illinois 61550
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