Treynor,Iowa-based TS Banking Group is buying Corning, Iowa-based pursuant to a purchase agreement it entered into with Blue Grass Bancorp Inc. as of May 6.
TS BankingGroup is a joint venture between Treynor Bancshares Inc. and TreynorBancshares is the parent of Treynor State Bank, which does business under the brandname of TS Bank. TS Contrarian Bancshares is the parent of .
Accordingto SNL data, Okey-Vernon First National Bank had approximately $83.2 million inassets as of March 31. TS Bank's assets totaled about $297.2 million at the endof March, while Bank of Tioga had roughly $295.0 in assets as of March 31.
The termsof the deal were not disclosed in the May 10 news release, which indicated thatTS Banking Group is eyeing to offer wealth management and trust services.SNL valuations for bank and thrift targets in the Midwest between May 6, 2015,and May 6, 2016, averaged 126.63% of book, 131.19% of tangible book and had amedian of 18.25x last-12-months earnings, on an aggregate basis.
TS Banking Group intends to make Okey-Vernon First NationalBank part of the TS Bank branch network, renaming it as TS Bank as well.