EVANSVILLE, Ind. -- CNB Bancshares Inc. said it signed a letter of intent to acquire South Central Illinois Bancorp in a stock swap with an indicated value of $14.3 million.

South Central shareholders would exchange each of their shares for 1.705 share of CNB common stock, subject to adjustment, or $46.46 a share, based on a closing price for CNB stock of $27.25 South Central has 308,750 shares outstanding.

CNB said a definitive agreement would provide for an adjustment in the exchange ratio based on South Central's book value at closing and the price of CNB stock should it be outside a specified range immediately before closing.

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