First Clover Leaf Financial Corp. in Edwardsville, Ill., said Thursday that it plans to buy Partners Financial Holdings Inc. of Glen Carbon for $20.7 million in cash and stock.
First Clover Leaf Bank has three full-service branches and $413 million in assets. Partners Bank has one branch.
After the purchase, First Clover Leaf Financial would have more than $550 million of assets.
Dennis Terry, its president and chief executive, said in a press release that buying Partners Financial would give his company a bigger market share in the Metro-East region — the eastern suburbs of St. Louis in Illinois.
Each share of Partners would be converted into 5.791 shares of First Clover Leaf or $56 in cash, depending on shareholder preferences. In addition to the deal value, First Clover would pay $1.5 million in cash for Partners' outstanding options and warrants.
The deal is expected to close by late September or early October.
