Central Illinois community banks agree to merge
Tri County Financial Group in Mendota, Ill., has agreed to buy H.F. Gehant Bancorp in West Brooklyn, Ill.
Tri County, the parent of the $1.1 billion-asset First State Bank, said in a press release Monday that it expects to complete the purchase of the $59 million-asset H.F. Gehant early in the second quarter. Tri County did not disclose the price.
“We are excited for the opportunity to partner with an organization that is committed to true community banking,” Tim McConville, Tri County’s president and CEO, said in the release.
“The combined solid core deposit base allows us to take advantage of asset growth opportunities in both the acquired markets and our broader market areas, and we look forward to the opportunities this transaction creates to enhance shareholder value,” McConville added.
“We are very pleased to be joining with a larger community bank that is committed to delivering a high level of customer service,” Bill Gehant, H.F. Gehant’s president and CEO. “We believe that this transaction will be beneficial to our shareholders, customers and employees, and it will allow us to offer a broader array of banking services to our customers.”
Raymond James and Howard & Howard advised Tri County. Barack Ferrazzano Kirschbaum & Nagelberg advised H.F. Gehant.