Sugar Grove, Ill.-based American Heartland Bancshares Inc. filed an application with the Federal Reserve Bank of Chicago to acquire Palos Hills, Ill.-based Community Holdings Corp. and indirectly acquire unit First Secure Bank and Trust Co.

As of March 31, American Heartland unit First Secure Community Bank had $266.8 million in assets, while First Secure Bank and Trust had $120.8 million in assets.

Jay Bergman is chairman of both institutions. Bergman owned more than 90% of American Heartland when he proposed to buy Community Holdings in 2013.

SNL valuations for bank and thrift targets in the Midwest region between June 30, 2017, and June 30, 2018, averaged 159.44% of book, 167.58% of tangible book and had a median of 20.50x last-12-months earnings, on an aggregate basis.

As a result of the deal, American Heartland will enter into Cook County, Ill., with one branch to be ranked No. 81 with a 0.03% share of approximately $282.90 billion in total market deposits.

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