FIRST WATERLOO BANCSHARES, INC. ACQUIRES BEST HOMETOWN BANCORP, INC., COLLINSVILLE, ILLINOIS
(Waterloo, IL – February 5, 2020) Gary D. Hemmer, President & CEO of First Waterloo Bancshares Inc., announced that the acquisition of Best Hometown Bancorp, Inc., the parent company of Best Hometown Bank, was completed on February 5, 2020. The bank has two banking centers serving Madison County in Collinsville and Maryville, Illinois.
“This expands our organization into Madison County,” said Hemmer. “Best Hometown Bank has been serving the Madison County area for the past 133 years and we are excited about the opportunity to partner with them and to build on their tradition.” Hemmer noted that Best Hometown Bank would remain a separate bank until systems are converted later in the year.
“This is a bitter sweet day, as we move forward under different ownership; however, we are confident we have found a great partner,” said Ron Shambaugh, President & CEO, Best Hometown Bancorp, Inc. “We are looking forward to expanding our product offering and to having increased lending limits. It is truly amazing how similar the philosophies are of the two organizations.”
As of December 31, 2019, First Waterloo Bancshares, Inc. had total assets of $492 million. The bank currently has 11 banking centers serving Waterloo, Columbia, Millstadt, Dupo, O’Fallon, Smithton, Effingham, and Stewardson, Illinois. Best Hometown Bancorp, Inc. had total assets of $112 million as of December 31, 2019.
This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements, including as a result of factors outside First Waterloo Bancshares, Inc.’s or Best Hometown Bancorp, Inc.’s, control, such as economic and other conditions in the markets in which the companies and their subsidiary banks operate; inability to complete the transaction announced today or delays in completing the transaction; managements’ ability to effectively execute their respective business plans; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; and competition. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Collinsville Banking Center
Maryville Banking Center
FIRST NATIONAL BANK OF WATERLOO ANNOUNCES NEW BANK PRESIDENT
(Waterloo, IL – January 27, 2020) The First National Bank of Waterloo and Robert Hoffmann, Chairman of the Board, announced that Rick Parks will succeed Gary Hemmer as the bank’s president.
“We are delighted to have Rick Parks join the First National Bank of Waterloo as the new president,” said Hoffmann. Parks will become the bank’s ninth president spanning the bank’s history of 108 years.”
Parks follows Hemmer who recently announced his retirement effective June 30, 2020.
Parks has over 30 years of bank experience. Most recently he was Senior Vice President, Commercial Banking at TheBANK of Edwardsville. He also has worked for Centrue Bank as Regional President and Regions Bank as Senior Vice President, Corporate Sales Team Leader. Parks has been active and involved with various community and civic organizations.
FIRST NATIONAL BANK OF WATERLOO PRESIDENT AND CEO ANNOUNCES RETIREMENT
(Waterloo, IL – January 21, 2020) First National Bank of Waterloo and President and CEO Gary Hemmer announced his intention to retire on June 30, 2020. Hemmer began his tenure with the bank more than twenty years ago on July 1, 1999.
“Hemmer has provided strong and steady leadership over the past 21 years as President and CEO of First National Bank of Waterloo,” said Robert Hoffmann, Chairman of the Board of Directors. “Under his tenure, the bank has grown from about $150 million in assets with three banking centers to about $600 million in assets with 13 banking centers at the time of his retirement.”
“It has been a real privilege to work for one of the premier financial institutions in Southern Illinois. I am proud of our organization, our board of directors, our staff and our advisory boards,” said Hemmer. “Banks are the economic engines that enable communities to grow. They help people and businesses realize their dreams. I am proud to have served this industry and to have been a banker. It has been a privilege to work with a great board of directors that has helped guide and direct this organization. It has been an honor to work with the bank’s outstanding staff which is to be credited with the success of the bank. It has been a joy to serve our customers who are also our friends.”
Hoffmann said the Board of Directors has created an executive committee to identify Hemmer’s replacement and that announcement will be made shortly. Hemmer will remain on the Board of Directors and will assume the role of Chairman of the Board at this year’s Annual Meeting in February. Hoffmann plans to retire from the board and will become Director Emeritus.
BUILDING ON TRADITION AND VALUES
First Waterloo Bancshares, Inc. to Acquire Best Hometown Bancorp, Inc. Collinsville, Illinois
Gary D. Hemmer, President & CEO, First National Bank of Waterloo and its parent company, First Waterloo Bancshares, Inc., and Ron Shambaugh, President & CEO, Best Hometown Bank and its parent company, Best Hometown Bancorp, Inc., are pleased to announce the signing of an Agreement and Plan of Merger. First Waterloo Bancshares, Inc., Waterloo, Illinois, will acquire all of the outstanding shares of common stock of Best Hometown Bancorp, Inc., Collinsville, Illinois. Pursuant to the merger agreement and based on the estimated book value of Best Hometown Bancorp, Inc. at closing, the shareholders of Best Hometown Bancorp, Inc. will receive cash consideration of $14.89 per share of common stock, subject to certain adjustments as outlined in the merger agreement.