Troubled lender Amcore Financial Inc (AMFI.O) said its Amcore Bank unit will sell two branches, its second in a span of less than 10 days, to Union Bank & Trust Co of Evansville, Wisconsin, to improve profitability.
Rockford, Illinois-based Amcore said the sale of the branches located in Wisconsin communities of New Glarus and Belleville will include about $21 million in loans and $36 million in deposits.
The company said the transaction is expected to close in the fourth quarter but did not reveal its terms.
On Aug. 12, Amcore said the unit sold two branches in Wisconsin, with about $70 million loans, $140 million in deposits and about $50 million in trust accounts, to First National Bank and Trust Co of Beloit.
Earlier this month, Amcore said its lender JPMorgan Chase gave it a waiver and an extension of maturity on a $20 million credit facility. Amcore was in technical default under the credit agreement but was current in its payments due.
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