Salem, Ill.-based Marion County Savings Bank agreed to acquire Flora, Ill.-based Flora Savings Bank, according to an announcement on the latter's website.
SNL valuations for bank and thrift targets in the Midwest region between March 22, 2017, and March 22, 2018, averaged 160.39% of book, 166.62% of tangible book and had a median of 20.58x last-12-months earnings, on an aggregate basis.
Flora Savings Bank, which is expected to become part of Marion County Savings Bank this fall, will operate as "Flora Savings Bank, a division of Marion County Savings Bank."
The combined bank will operate three branches in Tazewell County, Ill., ranked No. 12 with a 1.41% share of approximately $2.82 billion in total market deposits. The combined bank will also operate two branches in Marion County, Ill., ranked second with a 17.67% share of approximately $664.9 million in total market deposits, and will operate one branch in Clay County, Ill., ranked fifth with an 8.97% share of approximately $301.1 million in total market deposits.
The deal is subject to regulatory approval.
The legal advisers were Robert Coble of Coble & Milone for Flora Savings Bank and Donna Goelz and Mark Ryerson with Howard & Howard Attorneys PLLC and Herman Bodewes with Giffin Winning Cohen & Bodewes PC for Marion County Savings Bank.
As of 2017-end, Marion County Savings Bank had $178.7 million in assets, while Flora Savings Bank had assets of $30.2 million, SNL data shows.
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