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2 Illinois banks ink $41.1M deal; Kansas' Community Bancorp to acquire Shelbank


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2 Illinois banks ink $41.1M deal; Kansas' Community Bancorp to acquire Shelbank

On the deal front, Illinois-based Old Second Bancorp Inc. is buying state peer Greater Chicago Financial Corp. and unit ABC Bank in an all-cash deal valued at around $41.1 million. Old Second Bancorp expects the acquisition to be immediately accretive to earnings per share, exclusive of transaction- and integration-related expenses, and to yield a tangible book value earnback of about two years.

Chanute, Kan.-based Community Bancorp Inc. is acquiring Nevada, Mo.-based Shelbank Corp., The Chanute Tribune reports. Employees of Shelbank unit Heritage State Bank, which will merge into Community National Bank & Trust, are expected to keep their jobs.

In other banking news, Flagstar Bancorp Inc. is expecting a one-time, noncash charge of around $80 million, or $1.38 per share, to its fourth-quarter provision for income taxes due to the new tax plan's impact on the valuation of the Troy, Mich.-based company's deferred tax assets.

In other parts of the world

Asia Pacific: MUFG to buy stake in Bank Danamon; Australia pushes for banks' 'living wills'

Europe: Credit Suisse unveils US tax law impact; Natixis sells stake in CACEIS

Middle East & Africa: Sudan eyes currency devaluation; Liberians head to polls; Mozambique cuts rates

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was up 0.07% to 29,597.66, and the Nikkei 225 rose 0.08% to 22,911.21.

In Europe as of midday, the FTSE 100 was up 0.14% to 7,603.56, while the Euronext 100 was down 0.13% to 1,039.67.

On the macro front

The Redbook, pending home sales index and the consumer confidence index are due out today.

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