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Treynor Bancshares/TS Contrarian Bancshares JV buying Illinois bank

Treynor, Iowa-based TS Banking Group agreed to Clinton, Ill.-basedFirst National Bank and TrustCo. ($109.0 million), a unit of First Clinton BanCorp. Inc.

The terms of the deal were not disclosed in the mergerrelease.

SNLvaluations for bank and thrift targets in the Midwest region between Oct. 7,2015 and Oct. 7, 2016 averaged 132.71% of book, 136.27% of tangible book andhad a median of 18.22x last-12-months earnings, on an aggregate basis.

Datacompiled by SNL shows that Treynor Bancshares Inc. will enter De WittCounty, Ill., with one branch, to be ranked second with a 24.82% share of approximately$319.56 million in total market deposits.

TS Banking Group is a joint venture between and ,the Treynor-based bank holding companies of Treynor State Bank ($324.8 million) and ($315.8 million),respectively.

The joint venture recently bought a bank in Iowa.

Sheshunoff & Co. served as financial adviser to FirstClinton BanCorp.

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