CNB Bank Shares adds scale in central Illinois with Jacksonville Savings deal
CNB Bank Shares in Carlinville, Ill., has agreed to buy Jacksonville Bancorp in Illinois.
The $924 million-asset CNB said in a press release Thursday that it will pay $61.6 million in cash for the $337 million-asset parent of Jacksonville Savings Bank. The deal is expected to close in the second quarter.
CNB Shares also announced that it will receive a $30 million investment from Castle Creek Capital Partners, which it will use to fund the acquisition and future organic growth. Castle Creek will appoint a representative to CNB’s board.
CNB “will benefit with an expansion of a familiar customer demographic, an investor group that is optimistic about our future, and additional experienced directors,” Jim Ashworth, the company’s president, said in the release.
Jacksonville Bancorp was advised by D.A. Davidson and Luse Gorman. CNB was advised by Keefe, Bruyette and Woods and Barack Ferrazzano Kirschbaum & Nagelberg. Castle Creek was advised by Sidley Austin; KBW was CNB’s placement agent.