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Illinois community banks to merge

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Illinois community banks to merge

Sullivan,Ill.-based First National Bank ofSullivan ($58.9 million) and Lovington, Ill.-based ($24.3 million)are merging.

GreysonTuck, attorney and consultant with Gerrish McCreary Smith PC, serves as legalcounsel for both parties. Tuck said there will be no new branches or personnelchanges associated with the deal.

"Rightnow, you've got two very small, independent community banks," Tuck said."There is some overlapping ownership in the two holding companies. Thereare a number of reasons [for the merger], the most pressing of which is to gainefficiencies."

Tucksaid the companies are in the process of getting shareholder approval.

is theparent of First National Bank of Sullivan and Moultrie Bancorp Inc. is the parent of Hardware StateBank.

Thecombined company will rank third in Moultrie County with a 19.79% shareof approximately $363.78 million in total market deposits.

Before the merger closes, First National Bank ofSullivan expects to convert from a national bank to an Illinois state-charteredone and rebrand as First Community Bank of Moultrie County.

Tucksaid he expects the deal to close prior to the year's end.

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