Jacksonville Savings Bank has officially merged with CNB Bank and Trust.
The deal, which has been a major topic of conversation in the Jacksonville and surrounding area, was finalized Tuesday. Evidence of this merger is already apparent.
For example, the CNB branch at 1351 Lincoln Avenue is closed and will not reopen. Also, all Jacksonville Savings Bank locations, as well as Chapin State Bank and other affiliated financial institutions, will be starting a transformation process to become official CNB Bank and Trust branches.
Chris Royal, after serving as President of Jacksonville Savings Bank, is now President of Marketing with CNB. As a guest recently on the WLDS AM Conversation program, Royal wants account holders with Jacksonville Savings Bank to know that they won’t experience many changes.
“The account numbers will stay the same, which is good news. I’m not exactly sure how long those existing account numbers will remain viable, somewhere between 3 and 7 years. The last time they did this, those account numbers worked for seven years.”
Royal says all account holders can help themselves by updating their direct deposit or social security information, regarding the routing number.
“We do encourage people, after the merger, to inform their employer or the Social Security Administration of the routing number change. Again, there is no rush for that, but it would be beneficial to have it done in the near future.”
Royal further explains how the changes in service provided by CNB are limited.
“All of our loan numbers transferred over, and all the terms and conditions of those loans will stay exactly the same. For mortgage loan customers, they did get a letter indicating there was a transfer of servicing, which technically is correct. It went from Jacksonville Savings Bank to CNB Bank and Trust. The letter had an address in Alton to send payments to, but in reality people can come in to any CNB Branch or new affiliate branch and make those payments just the same.”
Royal says all the other affiliates of Jacksonville Savings Bank will now also join under the CNB Bank and Trust banner.
“Chapin State Bank, First Midwest, Litchfield Community Savings all will become CNB Bank and trust, just like Jacksonville Savings Bank did.”
According to a CNB press release, the merger of CNB Bank Shares and Jacksonville Bancorp, Inc. alone has created a pro forma asset total of over one and a quarter billion dollars [more than $1,250,000,000].