First Farmers Financial in Converse, Ind., has agreed to buy three community banks in Illinois.
The $1.2 billion-asset company said in a press release Wednesday that it will buy all of the stock in Community Bank in Hoopeston, United Community Bank in Oakwood and First National Bank of Chrisman. First Farmers will gain $165 million in total assets from the acquisitions, which are expected to close in the first quarter.
First Farmers did not disclose purchase prices for the deals.
"These agreements are representative of our goal to uphold the traditional values of rural and Ag community banking in the Midwest," Gene Miles, First Farmers' president and chief executive, said in the release. "All of these organizations serve areas very similar to those where we have built a significant customer base."
Cummings & Cummings and Hunton & Williams advised First Farmers. Hovde Financial and Howard & Howard Attorneys advised the community banks.