First Waterloo to Acquire Prairie National Bank

STEWARDSON — Gary D. Hemmer, president and CEO, First National Bank of Waterloo and its parent company, First Waterloo Bancshares, Inc., and John N. Richards, president and CEO, Prairie National Bank and its parent company, Prairie Financial Bancorp, Inc., have announced the signing of a stock purchase agreement, pursuant to which First Waterloo Bancshares will acquire all of the outstanding shares of common stock of Prairie National Bank, Stewardson, for consideration consisting of cash and stock of First Waterloo Bancshares.

“We are excited about the opportunity to partner with Prairie National Bank. The bank has been serving the Stewardson and Effingham area since 1928. Prairie is a true community bank and has been built upon tradition and strong core values,” said Hemmer.

“This is a unique opportunity for Prairie to partner with an organization that operates with a similar philosophy as Prairie. First National Bank of Waterloo has a long-standing history and is very community focused. We look forward to offering our customers new products and services and increased lending limits through our partnership with First National Bank of Waterloo,” said Richards.

As of June 30, 2014, First National Bank of Waterloo had total assets of approximately $389 million. The bank currently has six banking centers serving Waterloo, Columbia, Millstadt, and O’Fallon, Illinois. Prairie National Bank had total assets of approximately $55 million as of June 30, 2014. The bank has two banking centers serving central Illinois in Stewardson and Effingham.

The transaction is expected to enable First National Bank of Waterloo and Prairie National Bank to:

  • Create a financially strong, well-capitalized, community bank
  • Provide a full array of competitive products and services for consumers and businesses
  • Maintain a banking organization built upon traditions and values
  • Offer growth and career opportunities for employees
  • Be better positioned to respond to future challenges

The transaction is subject to certain closing conditions, including the approval of the appropriate regulatory authorities and of the shareholders of Prairie Financial Bancorp, Inc. The parties presently anticipate that the transaction will close in the first quarter of 2015.

New Web Site!

Welcome to our newly revised Prairie National Bank webpage.  In an effort to improve our ability to keep you connected to your finances, we have built a new site with mobility in mind.  This site will allow you to comfortably view our pages from conventional PC’s as well as mobile devices such as tablets and smartphones.  We hope you will enjoy the site and if you experience any issues or are having trouble navigating the new site, please contact us.

Thank you,

Prairie National Bank

Message from the Prairie National Bank President

In order to more clearly reflect the heritage of the people and communities we serve along with a commitment to providing superior local banking services, Prairie Financial Bancorp is pleased to announce our bank locations known as The Stewardson National Bank and The Effingham National Bank have changed their names to Prairie National Bank effective June 1, 2005.

A great deal of thought has been put into the new Prairie National Bank identity.  We were founded as The Stewardson National Bank in 1928.  We opened The Effingham National Bank location in 2001.  With 77 years of service, this was an important decision for the Board of Directors and management to make.  We are excited about how our new name reflects our geographic location and the deep roots we have in the community.

Prairie National Bank, with locations in Stewardson and Effingham, is a community bank that is owned, managed and operated by members of the local community.

Community membership is what keeps us striving to support local farmers, businesses and the personal needs of our community.  We are dedicated to serving the people of both Shelby and Effingham counties and the surrounding area by offering the best service that our experienced staff of directors, officers and employees can provide.  As our technology and products continue to grow, we will strive to even better serve our customers.

While the name has changed, there are several important issues that have not changed.

  • The same local ownership is still in place.  The bank has not been sold!
  • No staff changes are planned.  You will see the same friendly faces.
  • All accounts and services remain the same.
  • You do not have to order new checks.
  • You may continue to transact your business at either Prairie National Bank locations.
  • Prairie National Bank is an Equal Opportunity Lender and Member FDIC.  The record of bank safety continues.

Prairie National Bank is a full service community bank.  Lending services include farm loans, business loans, consumer loans and home mortgage loans.  Checking services include free checking, NOW and Money Market accounts, business checking and the Shazam check card.  We also offer certificates of deposit, savings accounts and individual retirement accounts (IRA).  You can enjoy the convenience of drive-up banking, phone banking at 1-888-PNB-3236 or (217) 682-5400 and online banking along with a number of other services.

Prairie National Bank has grown because of our strong commitment to the needs of our customers and our community.  It is our desire to exceed the expectations of the people like you that we serve every day.

Thank you for being part of our bank family.

John N. Richards
President & Chairman of the Board