Morton Community Bank and Alpha Bank (Morton, IL)
We recently discussed the merger of two ESOP companies in In the News: Merging Multiple ESOP Companies to Form a Holding Company, Reducing Costs and Providing Diversification. Keeping the hometown feel with $1.7 billion assets discusses another merger of ESOPs. Morton Community Bank and Alpha Community Bank are merging to become part of Hometown Community Bancorp Inc., the largest privately-owned bank in Illinois with $1.7 billion in assets. The article notes how the percentage of employee ownership has grown over the years and how that affects how they hire employees:
And, over the past three decades Honegger said he has seen a large change in the ESOP (Employee Stock Ownership Program) at MCB, watching it grow from 10 percent to the high 30s. Alpha Bank has an ESOP of 44 percent.
"What hasn't changed is the basic thing a bank does, which is buy money and sell money," he said.
Honegger added, "The other thing that hasn't changed is our attitude. It's attitude, attitude attitude."
He said recently the bank was looking to hire two new employees. A number of potential employees came in from big banks. They went through 14 big bank employees before finding the right two.
"We don't hire people quickly," Honegger said.
"The people we do hire must have that ESOP attitude, and understand they are owners."
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