One Quad Cities area bank has bought another. On Friday, Blackhawk Bank and Trust announced the purchase of Port Byron State Bank.
Port Byron State Bank has branch offices in Colona, Coal Valley, and Port Byron, and assets of 72 million dollars. Blackhawk Bank and Trust has asses of 1.2 billion, and 16 branches in Scott, Rock Island, and Mercer counties.
Port Byron State Bank was founded by a pioneer merchant named W.H. Devore in 1863.
The sale must be approved by the Federal Deposit Insurance Corporation, Federal Reserve Bank, and banking departments of both Illinois and Iowa. It could be completed by late spring.
The purchase price was not released.
