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.
