ORION, Ill. – Orion Bancorporation, Inc., the parent company of BankORION, has announced its plan to acquire Mechanicsville Bancshares, Inc. the parent company of Bridge Community Bank with locations in eastern Iowa.
As part of this transaction, Mechanicsville Bancshares will be merged into Orion Bancorporation, with Orion Bancorporation, Inc. becoming the remaining entity.
Under Orion Bancorporation, Inc., BankORION and Bridge Community Bank will both continue to operate as two separate independent community banks after the transaction is finalized. The transaction will bring together two community banks with a combined 257 years of servicing customers in six counties across two states, bank leaders said in a news release Friday, Jan. 10.
The two community banks will have total assets of approximately $770 million. The transaction is expected to be completed by the end of the second quarter of this fiscal year and is contingent upon regulatory approval.
“Expanding our footprint further into eastern Iowa has been a strategic initiative of our organization. Bridge Community Bank is a great community bank with values that mirror those of BankORION,” said Matt Bollinger, president and CEO of Orion Bancorporation, Inc. and BankORION. “Adding Bridge Community Bank to our family positions us excellently into the Cedar, Linn and Johnson counties and presents exciting growth opportunities. We are thrilled to bring our cultures and histories together while continuing to serve the financial needs of our communities.”
Bridge Community Bank, founded in 1903, is an independent community bank with three branches in Mechanicsville, Mount Vernon and Solon, Iowa. It bank has approximately $130 million in total assets.
Financial details of the transition were not disclosed.
David Steen, president of Bridge Community Bank, added: “All of us at Bridge Community Bank are excited about finding a partner who shares our culture, values and commitment to our customers, employees and the communities we serve. Orion Bancorporation, Inc. and BankORION have a stellar reputation, and we look forward to a future with them.”
Since 1890, BankORION has been a locally owned, locally managed, independent community bank. It is the oldest bank headquartered in the Quad Cities metropolitan area and has seven full-service branches including Orion, Cambridge, Moline, Aledo and Annawan, all in Illinois, as well as Bettendorf. It has approximately $640 million in total assets.
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