Albert Lea loan servicing company secures approval for Illinois bank buy

Albert Lea, Minn.-based loan servicing company AmeriNational Community Services recently acquired Palatine-based company Northwest Bancorporation of Illinois and its subsidiary, First Bank & Trust Co. of Illinois..The Federal Reserve Bank of Chicago authorized AmeriNational's application to be a bank holding company, AmeriNational announced Oct. 2. With additional approvals of the Illinois Department of Financial and Professional Regulation and FDIC, AmeriNational has secured 100 percent of the common equity of both First Bank & Trust and its holding company Northwest Bancorporation of Illinois. .A $215 million bank, First Bank provides loan and deposit services and has 30 employees. AmeriNational plans to keep First Bank's current staff and continue its existing operations. AmeriNational services more than $11 billion in loans and manages $150 million in related deposits for 300 clients nationwide. ."Our team is very enthusiastic about AmeriNat and being part of a larger organization that will allow us to expand current services and platforms and continue offering a superior banking experience to our client base," said First Bank CEO Emad Murrar.