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.

handshake-small.jpg
Business people shakeing hands, copy space

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.

For reprint and licensing requests for this article, click here.
Community banking M&A Capital Growth strategies Illinois
MORE FROM AMERICAN BANKER