South Holland, Ill.-based Providence Bank & Trust is acquiring Chicago-based Urban Partnership Bank.
The terms of the deal were not disclosed.
Urban Partnership Bank, a community development financial institution and minority depository institution, has about $450 million in assets. After the completion of the deal, it will operate under the Providence Bank & Trust name, a bank with 12 current locations throughout the Chicago area and Northwest Indiana.
For reference, SNL valuations for bank and thrift targets in the Midwest region between Sept. 6, 2017, and Sept. 6, 2018, averaged 160.12% of book, 166.83% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.
Providence Financial Corp., the holding company of Providence Bank & Trust, will expand in Cook County, Ill., by five branches to be ranked No. 29 with a 0.23% share of approximately $282.91 billion in total market deposits, and will enter Wayne County, Mich., with one branch to be ranked No. 21 with a 0.01% share of approximately $53.97 billion in total market deposits.