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Illinois-based United Community to buy Liberty Bank

In Illinois, Chatham-based willacquire Liberty Bankof Alton ($328.2 million), reported Sept. 30.

The deal is still subject to regulatory and shareholderapprovals. If it closes, which is likely to happen in the first quarter of2017, Liberty bank will retain its name, staff and board of directors.

According to SNL data, offers for bank andthrift targets in the Midwest between Sept. 30, 2015, and Sept. 30, 2016,averaged 131.94% of book, 135.55% of tangible book and had a median of 18.24xlast-12-month earnings, on an aggregate basis.        

Liberty Bank is a subsidiary of UnitedCommunity Bancorp, meanwhile, has four banking subsidiaries, all in Illinois.They are United CommunityBank of Chatham ($1.05 billion), Brown County State Bank of Mount Sterling ($111.0million), Marine Bank &Trust ($253.4 million) of Carthage and of Quincy ($467.2million). United has another acquisition pending — that of Springfield-basedIllini Corp., whichhas two subsidiaries of its own. Those are Illini Bank ($283.2 million) and Camp Point, Ill.-basedFarmers State Bank of CampPoint ($46.3 million). Illini in June a merger agreement with adifferent bank, in order to be bought by United.

Through the deal with Liberty, United will enter MadisonCounty with four branches, to be ranked sixth with a 5.58% share ofapproximately $4.84 billion in total market deposits.

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