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Morton Community Bank to acquire First Trust & Savings Bank of Albany, Illinois

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Morton Community Bank to acquire First Trust & Savings Bank of Albany, Illinois

First Trust & Savings Bank of Albany, Illinois agreed to merge into Morton, Ill.-based Morton Community Bank.

The transaction will add four branches to Morton Community Bank, and these will be rebranded as Clock Tower Community Bank. The deal will increase the Hometown Community Bancorp Inc. unit's assets to about $4.0 billion.

Financial terms of the deal were not disclosed. The transaction will close in the fourth quarter.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Aug. 19, 2018, and Aug. 19, averaged 150.04% of book and 151.91% of tangible book and had a median of 19.07x last-12-months-earnings, on an aggregate basis.

Hometown Community Bancorp will enter Whiteside County, Ill., with two branches to be ranked fifth with a 7.01% share of approximately $1.49 billion in total market deposits. It will also enter Rock Island County, Ill., with two branches to be ranked no. 13 with a 1.92% share of approximately $2.53 billion in total market deposits.

Morton Community Bank had total assets of $3.87 billion, and First Trust had total assets of $182.7 million, both as of June 30, according to S&P Global Market Intelligence data.

Barack Ferrazzano Kirschbaum & Nagelberg LLP's financials institutions group was First Trust's legal adviser in the deal.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

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