Heritage Financial Set to Acquire Alsip Bank

TINLEY PARK, Ill. -- Heritage Financial Services Inc. said it has agreed to acquire Alsip Bank and Trust, Alsip, Ill., for about $8.2 million in cash.

The transaction is subject to completion of a definitive agreement, regulatory approvals, and other conditions.

Market Leadership Move

Purchase of the Alsip bank, which has $59 million in assets, will bolster Heritage's leading market position in southwest suburban Chicago, said Richard T. Wojcik, Heritage chairman and chief executive officer.

Heritage has $665 million in assets and operates eight banking offices and a trust company. Heritage announced separately that it halted negotiations to acquire a branch of Lemont Savings Association, based in Illinois. A letter of intent to acquire the branch was signed in August.

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