FOR IMMEDIATE RELEASE:
The board of directors of AC Bancorp, Inc., parent company of the Alliance Community Bank, and the board of directors of Firstate Bancorp, Inc., parent company of the 1st State Bank of Mason City, are both pleased to announce that the parties have signed a definitive agreement outlining the terms of the acquisition of substantially all of the assets and liabilities of Firstate Bancorp, Inc. by AC Bancorp, Inc. in exchange for cash. As a result of this proposed transaction, the two banks would combine and operate under the Alliance Community Bank name. Subject to the parties receiving regulatory approvals and satisfying certain other closing contingencies set forth in the definitive agreement, the parties anticipate the transaction will be completed in the 3rd Quarter of 2021.
This transaction will bring together two long standing community-minded financial institutions. The 1st State Bank of Mason City was originally chartered in 1976 and has served the farm, business and consumer markets in Mason City and the surrounding areas since its founding. The 1st State Bank of Mason City has over $30 million in total assets.
Alliance Community Bank was formed in November 2018 from the merger of Athens State Bank and National Bank of Petersburg, both of which trace their origins to the early 1900’s. The only bank headquartered in Menard County, the Alliance Community Bank currently operates four retail bank locations, has separate full service wealth management and trust and farm management divisions, and has seen their assets grow from $275 million to over $325 million since the merger less than three years ago. Farm operating and fixed rate farm real estate loans, long term fixed rate residential mortgages, a state-wide fee free ATM network, and a mobile phone internet banking app are just a few of the products and services that Alliance Community Bank looks forward to sharing with the Mason City community and surrounding areas.