First Secure acquires Morris bank from State Bank Group

SUGAR GROVE - First Secure Community Bank said it will acquire the Morris banking office of The State Bank Group from Wonder Bancorp.

Terms of the acquisition were not announced.

The sale is in line with First Secure's plans to expand operations into the far west and southwest suburbs, the bank said in a release.

"As a community bank, our greatest desire is for our new Morris facility to be a solid member of the Morris community," said First Secure Chairman Jay Bergman. "The name of the facility, Morris Building and Loan, will continue to be used and all of the current employees have been asked to remain.

"I live close to Morris and love the area, and I'm pleased this almost century-old banking facility will again be locally owned and managed," Bergman added.

First Secure Community Bank has about $180 million in assets and has facilities in Sugar Grove and Aurora. It is one of several banks majority owned by Jay D. Bergman, a businessman from Joliet.

The sale allows The State Bank Group to focus attention on its recent acquisition of Harvard Savings Bank and its overall presence in McHenry County, which now includes eight banking locations.

"We are confident the Morris branch location will continue to thrive under First Secure's management and that the facility will continue to provide a quality community banking platform for the citizens and businesses of Morris and its surrounding areas," said State Bank Group President Stephen Mitchell.

The acquisition is expected to be completed during the fourth quarter of 2016.