First Bankers Trustshares, Inc. Announces Spin and Rebrand of its Trust Services Subsidiary.
First Bankers Trust Services, Inc. spin creates an independent company managing $10B in assets.
Quincy, Illinois – First Bankers Trustshares, Inc. announced today the spin-off of its wholly-owned subsidiary, First Bankers Trust Services, Inc. (FBTS). Following the distribution, FBTS will operate as an independent company.
“Trust Services conducts a nationwide business and the Bank is a regional lender. The distribution of FBTS will benefit both companies in that each will be well-positioned to pursue their strategic priorities,” said Allen Shafer, president and chief executive officer of First Bankers Trustshares, Inc. “The spin-off transaction will establish two focused companies dedicated to driving current and long-term value creation while enhancing their business and strategic focus to respond to the market more rapidly.”
To better reflect the core services of their business, FBTS intends to change its name to TI-Trust, Inc.
“We are excited to further distinguish ourselves as an independent leader through this rebrand,” said Brian Ippensen, president of FBTS. “I’m excited about the opportunity to lead TI-Trust and continue to build on our momentum as a company.”
Upon completion of the spin-off, FBTS will continue its existing business of providing employee benefit, personal trust, and farm management services. FBTS has extensive experience in fiduciary services and manages approximately $10 billion in assets and has offices in Illinois, Missouri, Pennsylvania, Arizona, and Georgia.
As a result of the distribution, each First Bankers Trustshares, Inc. stockholder will receive one share of TI-Trust, Inc. common stock for every share of First Bankers Trustshares, Inc. common stock held of record on a record date of June 17, 2019.
The planned distribution date is July 1, 2019, and will have no impact on the operation of First Banks Trust Company, N.A., which is a federally chartered bank owned by First Bankers Trustshares, Inc.
About First Bankers Trustshares, Inc.
First Bankers Trustshares, Inc. is a bank holding company owning First Bankers Trust Company, N.A. The company was incorporated on August 25, 1988, and is headquartered in Quincy, Ill. First Bankers Trustshares, Inc. is a publicly held company whose common stock is traded over-the-counter under the symbol FBTT. For more information, visit https://fbti.firstbankers.com.
Contact: Mr. Allen Shafer
President/CEO, First Bankers Trustshares, Inc.
217-214-8111 | email@example.com