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Katz Capital to buy Camp Grove Bancorp

An affiliate of Katz Capital agreed to purchase all of Camp Grove, Ill.-based Camp Grove Bancorp Inc.'s outstanding stock in an all-cash deal for an undisclosed sum.

Camp Grove Bancorp is the parent company of Camp Grove, Ill.-based bank Camp Grove State Bank.

Katz Capital is a Tampa, Fla.-based private equity firm targeting the real estate and financial services markets. It is also the holding company of Pineywoods Capital, Pineywoods Insurance, Pineywoods Mortgage, Pineywoods Realty and Pineywoods Title.

The investor said it aims to develop a new community bank in Tampa Bay, Fla., and expand its Pineywoods platform into Greater Illinois. The transaction is set to close in the second half, subject to regulatory and Camp Grove Bancorp shareholder approvals.

SNL valuations for bank and thrift targets in the Midwest region between March 5, 2018 and March 5, 2019, averaged 161.33% of book, 171.94% of tangible book and had a median of 20.86x last-12-months earnings, on an aggregate basis.

Barack Ferrazzano Kirschbaum & Nagelberg LLP and Shutts & Bowen LLP are acting as Katz's legal advisers. Olsen Palmer LLC is serving as financial adviser to Camp Grove Bancorp, while Godfrey Kahn SC is its legal adviser.