05/22/2024:
Guardian Savings Bank Announces Agreement to Merge with Community Partners Savings Bank
Two community-focused banking organizations are joining together! Guardian Savings Bank will
merge into and become part of Community Partners Savings Bank this fall. Community Partners Savings
Bank is headquartered in Salem, IL and has locations in Pekin, IL and Flora, IL. “The best strategy to keep
community banks alive and strong in small communities is to join forces so we can share resources and
strengths.” stated Community Partners Savings Bank President and CEO, T. J. Burge. “We are very
excited to add Guardian Savings Bank to our family of community banks.” mentioned Mr. Burge.
CPSB’s 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. 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.
“We are glad to join Community Partners, as we searched for a great partner who will continue
our long commitment to the Granite City community, they are a perfect solution.” stated Mark
Kleindorfer, Chairman of the Board of Guardian Savings Bank. “Guardian has been a pillar in the Granite
City community for over 105 years and values personalized customer service the same way CPSB does!
We answer our phone calls in person and service the loans we make. Combining will provide the overall
organization to have 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. Best of all, you’ll see the same friendly faces when you come into the branch.” stated
Mr. Burge.
For now, GSB customers will continue to transact business at Guardian Savings Bank and CPSB
customers will continue to transact business at CPSB’s 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 Savings Bank.
Community Partners Savings Bank was represented on the investment banking side by Paul
O’Connor of Angkor Strategic Advisors. The legal advisors were Joe Van Fleet of Howard and Howard for
Guardian and Paul J. Cambridge with Armstrong Teasdale LLP for CPSB. The transaction is subject to
regulatory approval.
