A local bank affiliate is expanding its presence in Illinois. Steve Olson, President of West Chester Savings Bank in Washington says their holding company Central Bancshares, Inc. is one of the largest bank holding companies in eastern Iowa and west-central Illinois. He says their sister bank, F&M Bank has entered into an agreement with Associated Bank in Galesburg, Illinois to acquire the branch offices of Associated Bank.
Olson says for those in Washington, this acquisition allows them to offer investment services, extensive trust services and gives them the availability to consider larger loan commitments to customers.
This expansion now gives Central Bancshares over $700 million in consolidated assets and 12 full-service banking locations when the transaction is complete with Associated Bank.
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