March 22, 2018
Marion County Savings Bank Announces an Agreement
to Acquire Flora Savings Bank
Two community-focused banking organizations are joining together! Flora Savings Bank will become part of Marion County Savings Bank this fall. Marion County Savings Bank is located at 301 W Main Street in Salem, IL. “The best strategy to keep community banks alive and strong is to join forces so we can share resources and strengths,” stated Marion County Savings President, Larry Clark. “The great news is that we can now be a bigger part of our local Southern Illinois communities. As always, customers can expect to see many familiar faces when visiting the bank,” mentioned Mr. Clark.
MCSB’s goal is to protect the mutual community banking philosophy, which is to make serving customers and community a priority, while keeping profits at a reasonable level. Most banking organizations that are owned by shareholders expect a return on their investment, and rightfully so. As a mutual organization, Marion County will continue to be owned by its customers who benefit because the bank does not need to pay shareholder dividends. The desire of both these banking organizations is to be a bigger presence in the community and to continue the personalized, unique service that customers enjoy with community banks.
“We are excited to partner with another one of Southern Illinois’ long-standing, community-focused banks. This partnership is an opportunity for us to become an even stronger banking resource for the families and businesses that we serve,” stated Shannon Hosick, EVP of Flora Savings Bank. “MCSB believes in taking care of customers like FSB does! We answer our phone calls in person and service the loans we make. The benefit of a larger lending limit, which also comes with the combination of FSB and MCSB, will allow the Bank to better serve the loan needs of local businesses. Additionally, FSB customers will enjoy many new services, including mobile banking, mobile deposits, and account alerts, in addition to expanded business services, credit cards, a mobile-friendly website, and more convenient business hours,” stated Mr. Clark.
For now, FSB customers will continue to transact business at Flora Savings Bank and MCSB customers will continue to transact business at MCSB’s locations. All customers will be notified of the date when they will be able to transact business at all locations. Going forward, FSB will operate as Flora Savings Bank, a division of Marion County Savings Bank.
The legal advisors were Robert Coble of Coble & Milone for FSB and Donna Goelz and Mark Ryerson with Howard & Howard Attorneys PLLC and Herman Bodewes with Giffin Winning Cohen & Bodewes, P.C. for MCSB. The transaction is subject to regulatory approval.