Morton Community Bank and State Bank of Arthur plan to merge, according to a report by the Illinois Department of Financial and Professional Regulation.

The state regulator's summary of actions for July show it received a filing for their combination on July 28.

As of June 30, Morton, Ill.-based Morton Community had $3.33 billion in assets, while State Bank of Arthur, of Arthur, Ill., had $131.1 million. Morton and Arthur are the respective subsidiaries of Hometown Community Bancorp Inc. and Arthur Bancshares Corp.

Hometown in March 2016 announced two in-state deals— for Illini Corp. and Trivoli Bancorp Inc. The Illini acquisition was eventually terminated.

Should this merger push through, Hometown will enter Moultrie County with two branches, to be ranked first with a 28.01% share of approximately $380.13 million in total market deposits.

SNL valuations for bank and thrift targets in the Midwest between July 28, 2016, and July 28, 2017, averaged 149.32% of book, 154.19% of tangible book and had a median of 19.77x last-12-month earnings, on an aggregate basis.

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