Central Bancshares Completes Purchase of SENB Bank
Muscatine, IA – Central Bancshares, Inc. of Muscatine, Iowa (“Central Bancshares”), parent company of CBI Bank & Trust, has completed the purchase of McLaughlin Holding Company, parent company of SENB Bank, based in Moline, Illinois, and merged SENB Bank into CBI Bank & Trust, effective October 20, 2023. The transaction was originally announced in May.
“While signage will soon change, customers will not see any immediate changes,” said Greg Kistler, President and CEO of CBI Bank & Trust and Central Bancshares, Inc. “The bank will continue to operate at the same locations, supported by the same officers and staff. System conversions will take place in April 2024.”
SENB Bank was organized in 1961 and has total assets of approximately $340 million. It serves the Quad Cities market in both Iowa and Illinois, as well as the state line (Rockford/Beloit) region of Illinois and Wisconsin, with six locations: Moline and Roscoe, IL; Davenport, Bettendorf, and Buffalo, IA; and Beloit, WI.
Central Bancshares’ total assets have increased to over $1.45 billion with the acquisition. In addition to the SENB Bank locations, it serves consumers and businesses through 17 banking centers, with locations in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Monmouth, and Peoria in Illinois. In addition, the bank’s Trust and Investment Divisions manage combined client assets of approximately $1.4 billion.
Welcome to CBI Bank & Trust! We are excited to have SENB Bank join our banking family and we look forward to continuing to offer you the same quality banking experience, with the same staff and friendly faces you have come to expect with your banking relationship.
Over the coming months, our top priority is to ensure this transition is seamless and easy for you. We think it is essential we continue to communicate important dates, so you are prepared for the transition.
The following is a brief timeline of some important dates to note:
- October 20, 2023: SENB Bank has officially been acquired by CBI Bank & Trust and all current SENB Bank locations will be operating under the new name. At this time there are no changes to the current banking products and services.
- 1st Quarter 2024: We will be sending out a Welcome Guide outlining any changes and important information about the system technology upgrade.
- Weekend of April 19, 2024: The system technology upgrade will take place. More detail will be provided over the next several months regarding this event.
If you have further questions, please feel free to contact us at (309) 757-0700, email@example.com or stop by one of our offices. You are also welcome to call (800) 292-1234 to contact any of the CBI Bank & Trust offices.
On behalf of all of us, we thank you for your business and look forward to our continued relationship. We appreciate the positive feedback we’ve received since announcing this transaction and look forward to serving you in the future!
Gregory J. Kistler President & CEO
CBI & SENB Client Merger FAQs
Q. Will there be any immediate changes?
A. Currently, the most noticeable change for customers is the bank’s name and signs. However, we look forward to a technology upgrade on April 22, 2024, that will continue to bring improvements to your Digital Banking experience, as well as the introduction of new products and services.
Q. In the interim, until the technology upgrade, can I do my banking at any CBI Bank & Trust location?
A. No. We encourage you to continue to use your regular (former SENB Bank) office for all your banking needs until April 22, 2024.
Q. Will account numbers change?
A. We will work hard to minimize any changes to account numbers.
Q. Will I get a new debit card?
A. Details about debit cards will be provided in the coming months. Continue to use your current card until you are notified of a change.
Q. What about loans, CDs, and IRAs?
A. There will be no changes to the rates or terms you currently have.
Q. Will my deposits continue to be insured by the FDIC?
A. Yes. Your deposits continue to be FDIC insured up to the applicable limits allowed by law.
Q. How will the merger affect my deposit coverage if I had deposits at both SENB Bank and CBI Bank & Trust prior to the merger?
A. Deposits from both banks are separately insured for six months after the date of the merger. This grace period gives depositors the opportunity to restructure his or her accounts, if necessary.
CDs (including IRA CDs) at SENB Bank and CBI Bank & Trust are separately insured (up to applicable limits) until the earliest maturity date after the end of this six-month grace period. CDs that mature during the six-month period are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
Q. What about Direct Deposit or Automatic payments?
A. Both will continue without interruption.
Q. Can I still use my Online Banking and Mobile Banking?
A. Yes. There will be no changes until the upgrade on April 22, 2024. We will continue to notify and educate customers before this transition.
Q. Will any banking centers be closed?
Q. Will the staff be the same at the banking center?
Q. I would like to learn more about CBI Bank & Trust and the CBI banking family.
A. Great! We have a corporate profile of our parent company, Central Bancshares, Inc. for your review available on our bank website at https://online.flipbuilder.com/pejy/ufhn/. It provides a good general summary of our organization. Our bank website, at www.cbibt.com, has additional information including details on our current products and services.