Two Rockford banks join forces under Illinois Bank & Trust deal

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ROCKFORD, Ill. (WIFR) -- Two Rockford-based banks are joining forces.

Illinois Bank & Trust will purchase Rockford Bank & Trust in a move that combines $1.3 billion in assets and 10 banking centers. All ten banking centers will now assume the Illinois Bank & Trust name.

Leadership teams from both banks say the deal will provide a bigger and stronger footprint in the Rockford community.

While the deal still needs federal and state bank regulator approval, it is expected to close later this year.