Central Bancshares in Muscatine, Iowa, has agreed to buy Brimfield Bank in Brimfield, Ill.
The $785 million-asset Central did not disclose the financial terms of the deal, which is expected to close in the third quarter. The $45 million-asset Brimfield is expected to be merged into Central unit F&M Bank.
“It’s a great opportunity for us, and an excellent fit into our organization’s geographic footprint,” Greg Kistler, Central’s president and chief executive, said in a press release Tuesday.
Brimfield has one branch in a market already served by F&M Bank. Central has 12 branches.