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Private investor seeks to acquire Vermont State Bank


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Private investor seeks to acquire Vermont State Bank

Private investor Francois Legendre is seeking to acquire Illinois-based Vermont State Bank through the formation of VSB Interim Bank.

Legendre filed an application with the Illinois Department of Financial and Professional Regulation, Division of Banking.

SNL valuations for bank and thrift targets in the Midwest region between Nov. 30, 2017, and Nov. 30, 2018, averaged 161.44% of book, 171.82% of tangible book and had a median of 22.94x last-12-months earnings, on an aggregate basis.

Vermont State Bank operates one branch in Fulton County, Ill., ranked eighth with a 3.34% share of approximately $757.4 million in total market deposits.

As of Sept. 30, 2018, Vermont State Bank had $28.8 million in assets.

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