bank mergers

The largest locally owned bank in the Rockford area has agreed to be acquired for approximately $181 million in cash and stock.

Alpine Bancorporation, Inc., the parent company of Alpine Bank & Trust Co., is headquartered in Belvidere. It had total assets of $1.3 billion as of June 30.

The BMO Harris Bank location in South Beloit will be among the 24 bank branches to be closed in October as part of merger activities with Wisconsin banking company Marshall & Ilsley Corp.

The South Beloit branch was acquired in 2010 when Rockford-based AMcore bank was closed by regulators and the assets sold to Chicago-based BMO Harris.