EXHIBIT 99.2
NEWS RELEASE
October 11, 2000
For media inquiries:
Katherine Taylor, Investor Relations Manager
815-961-7164
For financial inquiries:
John Hecht, Chief Financial Officer
815-961-2787
AMCORE FINANCIAL, INC.
CONSIDERS SALE OF TEN BRANCHES
ROCKFORD, IL. - AMCORE FINANCIAL, Inc. said today that it is considering the
sale of ten branches as part of its strategy to focus on high performing asset
management and delivering tailored products to business customers in selected
high growth Midwestern markets.
The branches include Aledo, Gridley, Mendota, Freeport, Mount Morris, Oregon,
Ashton, Rochelle, Wyanet and Sheffield. Combined the branches represent
approximately $170 million in loans and other assets and $310 million in
deposits. All are in Illinois.
"These are very fine branches with strong management and an enviable history of
providing outstanding banking products and services to their customers," said
Robert J. Meuleman, chairman and chief executive office of AMCORE. "However, our
strategic objective is to invest in high growth areas, and the possible sale of
these branches will give us the opportunity to reallocate our capital to further
that objective."
Meuleman said the branches would be sold only to buyers who can continue to
provide a strong banking presence in the community and only if AMCORE can
realize their full financial value. "There is no guarantee of a sale of any of
these branches at this point," he said. He emphasized that, if any branch is not
sold, AMCORE will continue to fully support its employees and customers with a
full portfolio of products and services.
AMCORE Financial, Inc. is the bank driven by high performance asset management
and the delivery of tailored products to business customers in selected high
growth Midwestern markets. The Company is headquartered in northern Illinois
with investment assets under administration of over $5.2 billion and banking
assets of $4.4 billion with 64 locations in Illinois and Wisconsin.
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The company also has the following financial services companies: AMCORE
Mortgage, Inc., and AMCORE Investment Group. AMCORE investment Group provides
trust and brokerage services, and through Investors Management Group, provides
capital management and mutual fund administrative services, and is the
investment advisor for the Vintage family of mutual funds. Through AMCORE
Capital Value, the Company provides employee benefit plan recordkeeping
services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol
"AMFI." Further information about AMCORE Financial, Inc. can be found at the
company's website at http://www.AMCORE.com.
