ORION BANCORPORATION, INC. AND MECHANICSVILLE BANCSHARES, INC.
ANNOUNCE PLANS TO MERGE
 
FOR IMMEDIATE RELEASE: Jan 10, 2025                              
 
CONTACT:                                                                                                                                           
BankORION                                                    Bridge Community Bank
Matt Bollinger, President & CEO                     David Steen, President
309-526-8011                                                  319-624-7111
 
ORION, Ill. – Orion Bancorporation, Inc., the parent company of BankORION, has announced its plan to acquire Mechanicsville Bancshares, Inc. the parent company of Bridge Community Bank.  As part of this transaction, Mechanicsville Bancshares will be merged into Orion Bancorporation, with Orion Bancorporation, Inc. becoming the remaining entity.  Under Orion Bancorporation, Inc., BankORION and Bridge Community Bank will both continue to operate as two separate independent community banks after the transaction is finalized. The transaction will bring together two community banks with a combined 257 years of servicing customers in six counties across two states. The two community banks will have total assets of approximately $770 million.  Completion of the transaction is currently expected to occur by the end of Q2 of 2025 and is contingent upon regulatory approval.

Matt Bollinger, President and CEO of Orion Bancorporation, Inc. and BankORION, stated, “Expanding our footprint further into eastern Iowa has been a strategic initiative of our organization.  Bridge Community Bank is a great community bank with values that mirror those of BankORION.  Adding Bridge Community Bank to our family positions us excellently into the Cedar, Linn and Johnson counties and presents exciting growth opportunities. We are thrilled to bring our cultures and histories together while continuing to serve the financial needs of our communities.”

David Steen, President of Bridge Community Bank, stated, “All of us at Bridge Community Bank are excited about finding a partner who shares our culture, values and commitment to our customers, employees and the communities we serve. Orion Bancorporation, Inc. and BankORION have a stellar reputation, and we look forward to a future with them.”

TruStar Advisors, LLC., and Howard & Howard Attorneys PLLC., acted as the financial and legal advisors to BankORION, while Dickinson, Bradshaw, Fowler & Hagen, P.C., acted as the legal advisor to Bridge Community Bank.

About BankORION:
Since 1890, BankORION has been a locally owned, locally managed, independent community bank. BankORION is the oldest bank headquartered in the Quad Cities metropolitan area and has seven full-service branches including Orion, Cambridge, Moline, Aledo and Annawan, Illinois, as well as Bettendorf, Iowa with approximately $640 million in total assets.
 
About Bridge Community Bank:
Bridge Community Bank, founded in 1903, is an independent community bank with three branches in Mechanicsville, Mount Vernon and Solon, Iowa located in Cedar, Linn and Johnson Counties. The bank has approximately $130 million in total assets.