First Eldorado to buy eight Illinois branches from MidCountry Bank

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First Eldorado Bancshares in Illinois has agreed to buy eight branches in southern Illinois from MidCountry Bank in Bloomington, Minn.

First Eldorado, the parent of the $304 million-asset Legence Bank, said in a press release Wednesday that it will also gain about $146 million in deposits. The deal, which is expected to close in the third quarter, will more than double the number of Legence Bank branches.

The $797 million-asset MidCountry will be exiting the market after entering it 12 years earlier.

“With this acquisition, we are reaching our long-term growth goal and strengthening our footprint in the southern Illinois market,” Martin Rowe, First Eldorado’s president and CEO, said in the release.

FIG Partners and Nelson Mullins Riley & Scarborough advised MidCountry. Armstrong Teasdale advised Legence.

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