June 22, 1995
Securities and Exchange Commission
450 North Capitol Street
Washington, D.C. 20549
Re: Firstbank of Illinois Co. Form 8-K
Dear Sirs:
Pursuant to the filing requirements under the Securities and
Exchange Commission Act of 1934, we are hereby electronically
filing a current report on Form 8-K.
Sincerely,
By:/s/ Chris Zettek
Enclosures
CRZ:ply
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
June 22, 1995
(Date of Report)
FIRSTBANK OF ILLINOIS CO.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
0-8426 37-6141253
(Commission File Number) (IRS Employer Identification No.)
205 South Fifth Street, Springfield, Illinois 62701
(Address of principal executive offices)
217-753-7543
(Registrant's telephone number, including area code)
ITEM 5. Other Events
On June 12, 1995, Firstbank of Illinois Co. ("Firstbank")
announced the signing of a definitive agreement to acquire
Confluence Bancshares Corporation ("Confluence") and its wholly
owned subsidiary, Duchesne Bank ("Duchesne"). Duchesne,
headquartered in St. Peters, Missouri, also operates a separate
branch facility in St. Charles, Missouri.
Duchesne had total assets of approximately $74 million at March
31, 1995. The acquisition calls for payment of 500,000 shares of
Firstbank common stock, or $13.5 million, in exchange for all the
outstanding common stock of Confluence.
A press release publicly announcing the event is attached.
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
FIRSTBANK OF ILLINOIS CO.
Registrant
By:/s/ Chris R. Zettek
Chris R. Zettek
ITS Executive Vice President
and Chief Financial Officer
DATE: June 22, 1995
For Immediate Release
Thursday, June 15, 1995
FIRSTBANK OF ILLINOIS CO.
TO ACQUIRE DUCHESNE BANK
SPRINGFIELD, ILLINOIS, JUNE 15, 1995 -- Firstbank of
Illinois Co. announced today that it has signed a definitive
agreement to acquire Duchesne Bank, a $75-million-asset
institution headquartered in St. Peters, Missouri.
Duchesne, with two locations in St. Peters and St. Charles,
will be Firstbank's second acquisition in the growth markets west
of St. Louis. Firstbank entered the market with its 1994
acquisition of Colonial Bank, which operates three banking
offices in Des Peres and Ellisville, Missouri. With this
acquisition, Firstbank will operate five banking offices in St.
Louis and St. Charles counties, with total assets of
approximately $250 million.
The shareholders of Duchesne Bank's parent company,
Confluence Bancshares Corporation, will receive a total of
500,000 shares of Firstbank common stock in a transaction that
will be accounted for as a pooling of interests. The
transaction, which is subject to approval by regulatory agencies
and Confluence shareholders, is expected to close during the
fourth quarter of this year.
Mark H. Ferguson, Firstbank's chairman and chief executive
officer, said, "Duchesne represents an opportunity to enter one
of the most dynamic growth centers in the Midwest. St. Peters,
located in the heart of St. Charles County, is the fastest
growing city in Missouri.
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"Duchesne will give us a solid base from which to expand in
St. Charles County," Ferguson added. "We think there are
tremendous opportunities for growth, and the banking market and
customer mix at Duchesne Bank are similar to those we serve in
our other markets."
Richard C. Leuck, president and chief executive officer of
Duchesne Bank said, "We are very excited about becoming part of a
quality organization like Firstbank. Our customers will benefit
from our affiliation with a $1.8 billion organization that is
driven by a desire to serve those customers.
"While Firstbank is large enough to compete with companies
already in our market, it remains committed to community
banking," he said.
Leuck and Duchesne's chairman, James Wilhite, said they were
attracted to Firstbank because of its commitment to local
decision-making and community-based banking, and because it will
bring a much broader product and service mix to Duchesne's
customers.
"We have been somewhat constrained by our lending limit as a
relatively small bank," Wilhite said. "With Firstbank's
resources and much larger lending limits, we will be able to grow
with our customers and expand into products and services, such as
mutual funds and trust services, that we have not been able to
offer as a smaller institution."
Both Firstbank and Duchesne emphasized their intention to
introduce retail brokerage and trust products to Duchesne's
customers as quickly as possible. These products and services
will be provided by Firstbank's financial services division,
Firstbank Financial Group.
-more-
Leuck and Wilhite noted that Firstbank has asked the members
of Duchesne's board of directors to remain integrally involved in
its business development efforts in St. Charles County.
Prior to its entry into Missouri in 1994, Firstbank made
several acquisitions in the St. Louis Metro East area. In 1986,
the Company acquired the United Illinois Banks of Collinsville,
Troy and New Athens, all of which were merged into Central Bank
of Fairview Heights after it was acquired in 1991. Firstbank
acquired the deposits of the failed New Athens Federal Savings
and Loan Association in 1990, and in January 1993 acquired The
First National Bank of Highland. Total assets in the Metro East
have grown from under $150 million to more than $500 million.
"We believe the addition of Duchesne Bank to the Firstbank
family of community banks will enhance our ability to improve our
financial performance," Ferguson said. "Enhancing profitability
and growth through acquisition are critical components of our
strategic plan, and both should be served in this transaction."
Firstbank is the largest bank holding company headquartered
in downstate Illinois. The Company provides banking, trust, and
other financial services through its subsidiaries in Central and
Southern Illinois and the St. Louis Metro area. Company
subsidiaries include Central Bank (Fairview Heights); City Bank
of Bloomington-Normal; Colonial Bank (Des Peres, Missouri);
Elliott State Bank (Jacksonville); Farmers and Merchants Bank of
Carlinville; The First National Bank of Springfield; First Trust
and Savings Bank of Taylorville; FFG Trust, Inc. (Springfield);
FFG Investments, Inc. (Springfield) and the United Illinois Bank
of Southern Illinois (Benton). The Company operates 35 offices
in 13 Illinois counties and three banking offices in Missouri.
-more-
Firstbank of Illinois Co.
Financial Information for Firstbank and Duchesne Bank
(dollars in thousands)
(UNAUDITED)
Balances at March 31, 1995
Firstbank Duchesne
Total assets $1,742,219 $73,723
Loans, net of unearned discount 1,132,005 49,675
Reserve for possible loan losses (17,701) (605)
Investment securities 375,100 14,801
Deposits 1,512,237 68,086
Shareholders' equity 167,792 5,228
Equity to asset ratio 9.63% 7.09%
Loan to deposit ratio 74.86% 72.96%
Reserve as a percentage of loans 1.56% 1.22%
Three Months Ended March 31, 1995
Firstbank Duchesne
Net interest income $18,220 $ 722
Provision for possible loan losses 525 50
Noninterest income 4,953 28
Noninterest expense 13,288 471
Net income 6,047 142
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