Forreston, Ill.-based High Point Financial Services Inc. agreed to acquire Poplar Grove, Ill.-based Poplar Grove State Bank.
The deal is expected to close in the fourth quarter. Financial terms of the deal were not disclosed, although a news release for the transaction indicates that the acquisition will be paid entirely in cash.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Aug. 22, 2018, and Aug. 22, 2019, averaged 149.70% of book and 151.37% of tangible book and had a median of 19.07x last-12-months earnings, on an aggregate basis.
High Point will enter Boone County, Ill., with two branches to be ranked fourth with a 10.77% share of approximately $575.89 million in total market deposits.
As of June 30, High Point had total assets of $214.5 million and Poplar Grove State Bank had total assets of $86.1 million, according to S&P Global Market Intelligence data.
Howard & Howard and Wipfli LLP served as an adviser of High Point in the deal. Olsen Palmer LLC was Poplar Grove State Bank's financial adviser, and Godfrey & Kahn S.C. is the bank's legal adviser.
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