EXHIBIT 99.1
AMCORE Bank Reaches An Agreement With Union Bank & Trust Company for Sale of Two Branches
ROCKFORD, Ill., Aug. 19, 2009 (GLOBE NEWSWIRE) -- AMCORE Bank, N.A., a wholly-owned subsidiary of AMCORE Financial, Inc. (Nasdaq:AMFI), today announced that it has reached a definitive agreement with Union Bank & Trust Company of Evansville, WI, to sell two branches located in the Wisconsin communities of New Glarus and Belleville. The transaction includes approximately $21 million in loans and $36 million in deposits and sweep accounts. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in the fourth quarter 2009. The financial terms of the transaction were not disclosed.
In making the announcement, AMCORE Chairman and Chief Executive Officer William McManaman said: "The decision to sell these branches is another step in AMCORE's strategic efforts to improve profitability and efficiencies as we work to establish the solid foundation to rebuild our company into a successful and sustainable regional community bank. The sale reinforces that we are intently focused on actions that we believe will contribute to that success. Union Bank & Trust Company has a strong community banking philosophy and we believe it will continue to serve customers with the high quality service that AMCORE proudly provided."
Union Bank & Trust Company has announced initial intentions to consolidate the Belleville branch with its existing Belleville location. The sale and relocation are subject to regulatory approval. Union Bank & Trust Company's Senior Vice President, Stephen Eager added, "The purchase of the New Glarus office fits well with our family of banks and allows us to serve a broader market. The consolidation of the Belleville office into our existing location strengthens our commitment to the Belleville area."
ABOUT Union Bank & Trust Company
Union Bank & Trust Company (UB&T), headquartered in Evansville, WI, has a long and proud history. Established originally in 1897 as the Grange Bank, it was purchased by Gertrude Eager in 1916. Union Bank & Trust Company continues to be a family owned and managed institution with a full range of consumer and commercial banking and lending services.
Today Union Bank & Trust Company has banking assets of $143 million. Their family of banks include: The Bank of Brooklyn (Brooklyn, WI), The Bank of Belleville (Belleville, WI), The Bank of Oregon (Oregon, WI), and now UB&T-New Glarus. Additional information about UB&T is available on the company's website at www.ub-t.com.
ABOUT AMCORE
AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of $4.9 billion with 73 locations in Illinois and Wisconsin, (including New Glarus and Belleville). AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, private banking, financial planning, investment management, insurance and comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol "AMFI." Further information about AMCORE Financial, Inc. can be found at the Company's website at www.AMCORE.com.
FORWARD LOOKING STATEMENTS
This news release contains, and our periodic filings with the Securities and Exchange Commission and written or oral statements made by the Company's officers and directors to the press, potential investors, securities analysts and others will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of AMCORE. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. These statements are based upon beliefs and assumptions of AMCORE's management and on information currently available to such management. The use of the words "believe", "expect", "anticipate", "plan", "estimate", "should", "may", "will" or similar e xpressions identify forward-looking statements. Forward-looking statements speak only as of the date they are made, and AMCORE undertakes no obligation to update publicly any forward-looking statements in light of new information or future events.
Contemplated, projected, forecasted or estimated results in such forward-looking statements involve certain inherent risks and uncertainties. A number of factors -- many of which are beyond the ability of the Company to control or predict -- could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following possibilities: (I) heightened competition, including specifically the intensification of price competition, the entry of new competitors and the formation of new products by new or existing competitors; (II) adverse state, local and federal legislation and regulation or adverse findings or rulings made by local, state or federal regulators or agencies regarding AMCORE and its operations; (III) failure to obtain new customers and retain existing customers and related deposit relationships; (IV) inability to carry out marketing and/or expansion plans; (V) ability to attract and retain key executives or personnel; (VI) changes in i nterest rates including the effect of prepayments; (VII) general economic and business conditions which are less favorable than expected; (VIII) equity and fixed income market fluctuations; (IX) unanticipated changes in industry trends; (X) unanticipated changes in credit quality and risk factors; (XI) success in gaining regulatory approvals when required; (XII) changes in Federal Reserve Board monetary policies; (XIII) unexpected outcomes on existing or new litigation in which AMCORE, its subsidiaries, officers, directors or employees are named defendants; (XIV) technological changes; (XV) changes in accounting principles generally accepted in the United States of America; (XVI) changes in assumptions or conditions affecting the application of "critical accounting estimates"; (XVII) inability of third-party vendors to perform critical services for the Company or its customers; (XVIII) disruption of operations caused by the conversion and installation of data processing systems; (XIX) adverse economic or bus iness conditions affecting specific loan portfolio types in which the Company has a concentration, such as construction and land development loans; (XX) zoning restrictions or other limitations at the local level, which could prevent limited branch offices from transitioning to full-service facilities; (XXI) possible changes in the creditworthiness of customers and value of collateral and the possible impairment of collectibility of loans; (XXII) changes in lending terms to the Company and the Bank by the Federal Reserve, Federal Home Loan Bank, or any other regulatory agency or third party; (XXIII) the recently enacted Emergency Economic Stabilization Act of 2008, and the various programs the U.S. Treasury and the banking regulators are implementing to address capital and liquidity issues in the banking system, all of which may have significant effects on the Company and the financial services industry, the exact nature and extent of which cannot be determined at this time; and (XXIV) failure by the company to comply with the provisions of any regulatory order or agreement to which the Company is subject could result in additional and material enforcement actions by the applicable regulatory agencies.
CONTACT: AMCORE Financial, Inc.
Katherine Taylor
815-961-7164
815-961-7165
Union Bank & Trust Company
Sue Wilbur
608-882-5200 x1109
