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In Illinois, MidAmerica to buy Henry State

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In Illinois, MidAmerica to buy Henry State

MidAmerica National Bank of Canton, Ill., plans to acquire Henry, Ill.-based Henry State Bank.

Henry's sole office will be retained as a MidAmerica branch, according to the application submitted to the OCC and recently acquired by S&P Global Market Intelligence. The application also discloses that the parties hope to receive regulatory approval by March 20. Henry's website says the deal is likely to close in the spring.

SNL valuations for bank and thrift targets in the Midwest region between Jan. 11, 2016 and Jan. 11, 2017 averaged 126.32% of book, 130.14% of tangible book and had a median of 18.22x last-12-months earnings, on an aggregate basis.

In addition, data compiled by SNL shows that MidAmerica National Bancshares Inc. will enter in Marshall County, Ill., with one branch to be ranked one with a 27.61% share of approximately $279.82 million in total market deposits.

SNL data shows that as of Dec. 31, 2016, MidAmerica, a subsidiary of MidAmerica National Bancshares Inc., had $337.5 million in assets. Henry, a subsidiary of Henry State Bancorp Inc., had assets of $99.4 million.

Howard & Howard Attorneys PLLC, represented by Donna Goelz, served as legal counsel to MidAmerica National.

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