The Office of the Comptroller of the Currency on Feb. 26 approved Illinois-based Peoples National Bank of Kewanee's acquisition of in-state peer First National Bank of Dwight.
Terms of the deal were not disclosed. For reference, SNL valuations for bank and thrift targets in the Midwest between Nov. 22, 2016, and Nov. 22, 2017, averaged 160.89% of book, 166.36% of tangible book and had a median of 19.63x last-12-months earnings, on an aggregate basis.
The two banks jointly announced the deal Nov. 22, 2017. It is expected to close in the first or second quarter, subject to regulatory approvals, according to a release recently obtained by S&P Global Market Intelligence.
Following completion of the deal, Peoples National Bank of Kewanee, a subsidiary of Peoples Financial Corp. of Illinois Inc., will have approximately $375 million in total assets, according to the release. Peoples National Bank of Kewanee has seven branches, including its main office in Kewanee. First National Bank of Dwight, a unit of First Dwight Corp., operates two branches. In Illinois, Peoples Financial will enter LaSalle County with one branch, to be ranked No. 19 with a 0.45% share of approximately $2.63 billion in total market deposits, and enter Livingston County with one branch, to be ranked third with a 10.06% share of approximately $1.11 billion in total market deposits.
As of Dec. 31, 2017, First National Bank of Dwight had total assets of $132.8 million, while Peoples National Bank of Kewanee had total assets of $247.1 million.
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