Providence Bank announces merger with Community First, reaches into Illinois
Providence Bank completed a merger with Community First Bank, in Fairview Heights, Illinois, on July 1. As a result, total assets for Providence Bank have climbed from $682 million to approximately $900 million.
Linco Bancshares, the parent company of Providence Bank, began a stock purchase agreement with Community First Bancorp, the parent company of Community First Bank, in March of 2015. Community First Bank is Providence Bank’s fourteenth banking center.
“This merger is a significant milestone for Providence Bank,” said Kit Stolen, President and CEO of Providence Bank. “We could not be more excited to have Community First Bank’s founder, Chuck Daily, join us to lead his team of banking professionals in Fairview Heights.”
Stolen, who is also chairman of the Columbia Chamber of Commerce, explained that while Community First Bank will adopt the Providence name and brand, the bank still offers the same services.
“Under Chuck’s leadership, we look forward to creating greater convenience for our customers, offering additional products, expanding our lending activities, and serving the community from this great location,” Stolen said.
Community Bank is another in a line of Providence acquisitions, expanding from St. Louis to Illinois to Denton, Texas. In 2013, Providence acquired Allied Mortgage Group, which moved its headquarters from Kansas to Columbia.
“We think expansion is critical,” Stolen said. “As we grow, we derive additional levels of scale that can make our products and services more efficient.”
Bill Laurie and Nancy Walton-Laurie, the niece of Walmart founder Sam Walton, own Linco Bancshares. Since Linco purchased the Bank of Lincoln County in 2007, rebranding as Providence Bank and moving headquarters to Columbia, the bank’s total assets have increased almost 19-fold.
Photo provided by Providence Bank.
