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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Providence Bank & Trust and Leaders Bank Announce Merger Agreement

November 12, 2021 GMT

SOUTH HOLLAND, Ill.--(BUSINESS WIRE)--Nov 12, 2021--

Providence Bank & Trust, along with The Leaders Bank, today announced that they have entered into a definitive merger agreement. Pending regulatory approval, Leaders Bank, with approximately $359 million in assets, will merge into Providence Bank & Trust, a stewardship-based bank with 15 locations throughout the Chicagoland area and Northwest Indiana. The acquisition will bring Providence Bank & Trust to approximately $1.69 billion in assets.

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Locally owned and operated, Providence Bank & Trust opened in 2004 and maintains its mission and commitment to service and stewardship, with a belief that a bank can truly be more than a place to deposit money – offering meaningful financial products and services to meet the evolving needs of their diverse customers and communities. Committed to the neighborhoods they serve, they incorporated the Providence Bank & Trust Stewardship Program into their corporate principles when founded – promising that ten percent of the Bank’s profits will be donated to local civic, non-profit and Christian organizations.

Leaders Bank was founded in 2000 with the core vision of creating a local community bank where small businesses, their owners, employees, and other entrepreneurs were all treated as leaders. Over the past 21 years, Leaders Bank has remained committed to providing access to local leadership, dedicated team members and unsurpassed customer service, a pledge also shared by Providence Bank & Trust.

“Our investment in Leaders Bank reflects our ongoing commitment to providing personalized banking services and products at the community level,” said Steve Van Drunen, President and CEO of Providence Bank & Trust. “We’re confident that customers will have a positive banking experience, as we carry on the high level of service that they have grown accustomed to.”

“We’re pleased to have come to an agreement with Providence Bank & Trust, as joining forces will provide a stronger banking network and enhanced services for our customers,” said William Gleason, President of Leaders Bank. “Our customers will be greeted with the same focus on customer commitment that Leaders Bank customers have come to expect.”

About The Leaders Bank

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The Leaders Bank is a $359 million FDIC-insured community bank serving the Oak Brook, IL community and communities throughout the Chicago metro area. Catering to privately held small businesses, their owners, and other entrepreneurs, Leaders Bank offers a full spectrum of traditional and customized banking services, and internet-based banking. Visit www.leadersbank.com for more information.

About Providence Bank & Trust

Founded in 2004 in South Holland, IL, the bank has locations across the Chicagoland area and Northwest Indiana. The bank’s mission is to be genuine in their commitment to service and stewardship, with a belief that a bank can truly be more than a place to deposit money – offering meaningful financial products and services and responding promptly to the diverse and evolving needs of their customers and communities. The bank has also developed The Providence Bank & Trust Stewardship Program, designed so that 10% of the bank’s profits are donated to local civic, non-profit and Christian organizations. Providence Bank & Trust currently has $1.331 billion in assets, is a member of the FDIC, and is an Equal Housing Lender. Visit www.providence.bank for more information.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211112005662/en/

CONTACT: Vince Martinez

vmartinez@providence.bank

(708) 210-0416

KEYWORD: INDIANA ILLINOIS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Providence Bank & Trust

Copyright Business Wire 2021.

PUB: 11/12/2021 10:00 AM/DISC: 11/12/2021 10:00 AM

http://www.businesswire.com/news/home/20211112005662/en