First Eldorado to buy eight Illinois branches from MidCountry Bank
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.