Central Bancshares in Muscatine, Iowa, has agreed to buy Buffalo Prairie State Bank in Buffalo Prairie, Ill.

The transaction is expected to close in the first quarter, though the price was not disclosed.

The purchase will give the $715 million-asset Central Bancshares an expanded presence in Illinois while adding $71 million of assets. Central Bancshares already owns F&M Bank in Galesburg, Ill.

"It's a great opportunity for us, and we want our new customers to know we are committed to providing a smooth transition for them," Greg Kistler, Central Bancshares' president and chief executive, said in a press release Monday.


Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.