First Bancorp of Taylorville in Taylorville, Ill., has agreed to buy Mackinaw Valley Financial Services in Mackinaw, Ill.
The $217 million-asset First Bancorp said in a press release Friday that it expects to buy the parent of the $94 million-asset First Security Bank in the second half of this year. First Bancorp did not disclose the price it will pay.
Mackinaw Valley has $70 million of loans and $81 million of deposits. The acquisition will give First Bancorp its first branches in Tazewell and McLean counties.
"Our companies share similar values and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees and communities first,” Linda Crawford, First Bancorp’s president, said in the release. “We look forward to entering attractive new markets that are a logical extension of our existing operations."
"We believe this combination will better align our resources, enhance our financial strength, and expand our product offerings and technology solutions, all of which will allow us to better-serve our customers and communities," Mark McGrath, Mackinaw Valley’s president and chairman, said in the release.
Olsen Palmer and Godfrey & Kahn advised Mackinaw Valley. CliftonLarsonAllen and Baker, Donelson, Bearman, Caldwell & Berkowitz advised First Bancorp.
