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S.B.C.P. Bancorp to buy Union Bancorp of Evansville

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S.B.C.P. Bancorp to buy Union Bancorp of Evansville

Cross Plains, Wis.-based S.B.C.P. Bancorp Inc. agreed to buy Evansville, Wis.-based Union Bancorp of Evansville Inc. and unit Union Bank & Trust Co. in a cash-and-stock deal.

Specific terms of the agreement were not disclosed. The transaction is expected to close in the second quarter of 2019.

As of Sept. 30, 2018, Union Bank & Trust had about $258.6 million in assets, $205.7 million in total loans and leases, and $214.9 million in deposits, according to a press release posted on the website of S.B.C.P. Bancorp unit State Bank of Cross Plains.

The combined organization will have more than $1.25 billion in assets, $1 billion in total loans and leases, and $1.03 billion in deposits.

SNL valuations for bank and thrift targets in the Midwest region between Jan. 4, 2018, and Jan. 4, 2019, averaged 162.28% of book, 173.42% of tangible book and had a median of 20.40x last-12-months earnings, on an aggregate basis.

Hunton Andrews Kurth LLP served as legal adviser and Bank Advisory Group LLC acted as financial adviser to S.B.C.P. Bancorp. Godfrey & Kahn SC acted as legal adviser and The Oak Ridge Financial Services Group Inc. served as financial adviser to Union Bancorp.

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