Illinois banks merge

The Bank of Marion, Ill., and First Southern Bank, Carbondale, Ill., have completed their merger..Operating as First Southern Bank, the combined institution has just over $600 million in assets and 13 locations in southern Illinois. The bank has $350 million in loans and $500 million in deposits..Prior to the merger, The Bank of Marion had about $350 million in assets and First Southern had about $250 million..Ray Altmix, former president and CEO of The Bank of Marion, will serve as CEO of the combined bank while John Dosier, former president and CEO of First Southern Bank, will serve as president.."We both strongly believe in the community banking model of high level customer service," Dosier said. "We look at southern Illinois as one region and feel that our vision of a larger network of southern Illinois owned, locally managed banks will enhance our opportunities to better serve our customers and our communities.".No layoffs are planned and any staff duplication resulting from the merger will be dealt with through attrition, Dosier said..First Southern has also signed an agreement to acquire the $104 million Herrin Security Bank and its two branches in nearby Herrin and Royalton, Ill.