Key Developments For AMCORE Financial, Inc.
AMCORE Financial, Inc. (AMFI.O) (Nasdaq)
AMCORE Financial, Inc.'s AMCORE Bank New Glarus And Belleville Branches Sold To Union Bank & Trust Company
AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc. announced that it has completed the sale of its branches in the Wisconsin communities of New Glarus and Belleville to Union Bank & Trust Company of Evansville, WI. The sale included approximately $19 million in loans, $31 million in deposits and sweep accounts. The financial terms of the transaction were not disclosed.
AMCORE Financial, Inc. Reports Q3 2009 Loss; Says Undercapitalized-Reuters
Reuters reported that shares of AMCORE Financial, Inc. fell sharply as the Company posted its seventh straight quarterly loss. The Company was in default under its credit agreement with JPMorgan Chase Bank N.A., as a result of being undercapitalized on a consolidated level. For the third quarter, the Company posted a net loss of $156.4 million or $6.81 a share, compared with a loss of $18 million, or $0.79 a share, previous year.
AMCORE Financial, Inc.'s Amcore Bank Unit To Sell Two More Bank Branches In Wisconsin-Reuters
Reuters reported that AMCORE Financial, Inc.'s 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. 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.
AMCORE Financial, Inc.'s AMCORE Bank, N.A. Reaches An Agreement With First National Bank And Trust For Sale Of Two Branches
AMCORE Bank, N.A., a wholly owned subsidiary of AMCORE Financial, Inc. announced that it has reached a definitive agreement with First National Bank and Trust Company of Beloit, WI, to sell two branches located in the Wisconsin communities of Monroe and Argyle. The transaction includes approximately $70 million in loans, $140 million in deposits and sweep accounts, and up to $50 million in related trust accounts. The brokerage and 401(k) plan business are not part of the sale and will remain with AMCORE. The transaction is expected to close in the fourth quarter 2009. The financial terms of the transaction were not disclosed.
Fitch Revises AMCORE Financial, Inc.'s Long-Term And Short-Term IDR
Fitch Ratings announced that it has revised AMCORE Financial, Inc.'s long-term Issuer Default Rating (IDR) and short-term IDR to 'C' from 'RD'.
