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Think M&A in Illinois is out of gas? Call AAA. Auto Club Group, one of the many AAA clubs across the country, has agreed to buy the $465 million-asset National Bancorp in Sycamore, Ill.
March 20 -
Wintrust Financial in Rosemont, Ill., has announced its second acquisition in four days.
April 2 -
Heartland Bancorp Inc. in Bloomington, Ill., announced Monday that it is buying the $346 million-asset First Federal Bancshares Inc. in Colchester, Ill., for about $28.6 million of cash.
November 7
Heartland Bancorp in Bloomington, Ill., has agreed to buy National Bancorp in Schaumburg, Ill.,
The $2.5 billion-asset Heartland will pay cash for the $499 million-asset National Bancorp, Crain's said, citing Heartland's chief financial officer, Diane Lanier. Other financial details were not disclosed.
National Bancorp operates seven branches under the name American Midwest Bank in the Chicago area, including the towns of DeKalb, St. Charles and Sycamore. The deal would give Heartland its first branches in those cities.
Heartland runs 58 Heartland Bank & Trust branches, mostly in central Illinois. With the National Bancorp acquisition, Heartland would become the second-largest privately owned bank in Illinois, after the $3.5 billion-asset First American Bank in Elk Grove Village, Crain's said.
National Bancorp had reached an agreement last year to sell itself to Auto Club Group in Dearborn, Mich., one of several dozen AAA clubs nationwide. However, the deal later fell through, according to Crain's.
