First Bank announced this week that it is selling 14 of its 94 branches – including the Waterloo, Columbia and Red Bud locations – to other banks.
The company said Dieterich Bank will purchase First Bank branches in Columbia, Waterloo, Red Bud, Chester and Breese.
“The purpose of these sales is to focus our branch network on markets where we have the greatest opportunity to grow and to align our investments with our strategy,” First Bank chairman and CEO Shelley Seifert said in a statement.
First Bank, based in Creve Coeur, Mo., has more than $6 billion in assets and locations in California, Missouri and Illinois.
The terms of the agreements were not disclosed.
Royal Banks of Missouri will purchase branches located in Granite City and Jerseyville.
First State Community Bank will purchase seven of First Bank’s Missouri branches.
First Bank has been family owned by the Dierberg family for more than four generations.
The phone number for the First Bank location in Waterloo is 939-5566.
The phone number for the First Bank location in Columbia is 281-4102.