The Salem-based Community Partners Savings Bank is expanding with a merger with Guardian Savings Bank of Granite City this fall.
Community Partners Savings Bank currently includes Marion County Savings Bank in Salem along with locations in Flora and Pekin.
Community Partners Savings Bank President and CEO T.J. Burge says the best strategy to keep community banks alive and strong in small communities is to join forces so we can share resources and strengths.
Community Partners Savings Bank goal is to protect the mutual community banking philosophy, which is to make serving customers and community a priority, while keeping profits at a reasonable level. Burge notes most banking organizations that are owned by shareholders expect a return on their investment, and rightfully so. As a mutual organization, Community Partners will continue to be owned by its customers who benefit because the bank does not need to pay shareholder dividends. The desire of both these banking organizations is to be a bigger presence in their communities and to continue the personalized, unique service that customers enjoy with community banks.
The chairman of the Board of Guardian Savings Bank says they are glad to join Community Partners as they have searched for a great partner who will continue their long commitment to the Granite City community and feels they are a perfect solution. Mark Kleindorfer says Guardian has been a pillar in the Granite City community for over 105 years. He notes by combining the overall organizations they will provide a larger lending limit, which will allow the bank to better serve the loan needs of local businesses. Additionally GSB customers will enjoy many new digital banking and expanded business services.
For now, GSB and Community Partners banks will continue to transact business at their present locations. All customers will be notified of the date when they will be able to transact business at all locations. Going forward, GSB will operate as Guardian Savings Bank, a division of Community Partners Bank.
The transaction is subject to regulatory approval.
