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More details on Blackhawk/First Port Byron deal emerge

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More details on Blackhawk/First Port Byron deal emerge

Milan, Ill.-based BlackhawkBancorp. Inc. is buying all 24,226 outstanding shares of Port Byron,Ill.-based First Port Byron BancorpInc. for about $6.8 million, according to a regulatory filing recentlyobtained by S&P Global Market Intelligence.

Another $785,000 would be paid to a debt holder of a loan ofFirst Port Byron Bancorp. The total purchaseprice is about $7.6 million, and the approximate price per share is $281.03.

Blackhawk Bancorp. will fund the purchase internally from itsown funds. There will be no borrowings to fund the purchase.

Blackhawk Bancorp. unit BlackhawkBank & Trust has examined the loan portfolio of First Port ByronBancorp unit Port Byron State Bank.According to the filing, Blackhawk Bank & Trust has spent $70,000 in legal feesto date and has paid a $4,000 mergerapplication fee to Illinois Department of Banking. Blackhawk Bank has determinedthat losses in the loan portfolio will probably exceed the amount in the loan lossreserve of Port Byron. Accordingly, both parties have agreed to deduct $450,000from the purchase price. Blackhawk Bank will assume the bonds in the portfolio ata market price to be determined 10 days prior to closing.

All employees except the president and two employees who formerlyworked for Blackhawk will be retained by Blackhawk at their present levels of pay.