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CNB Bank Shares-Jacksonville Savings Bank deal carries $2.3M termination fee

Carlinville, Ill.-based CNB Bank Shares Inc.'s proposed acquisition of Jacksonville, Ill.-based Jacksonville Savings Bank included a termination fee of $2.3 million, payable by either party under specified circumstances, according to a document filed with the OCC.

In addition to the termination fee, either party will have to pay out-of-pocket expenses incurred by the other party up to but not in excess of $400,000.

CNB Bank & Trust NA is a unit of CNB Bank Shares, while Jacksonville Savings Bank is a unit of Jacksonville Bancorp Inc.