Heritage Community Bancorp. Inc. of Glenwood, Ill., has signed a letter of intent to merge with First Community Financial Partners of Joliet, Ill.
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Details of the agreement are still being worked out, but the $228 million-asset Heritage said last week that its shareholders would become shareholders of First Community.
Its Heritage Community Bank subsidiary would join First Community's network of community banks in suburban Chicago.
The $462 million-asset First Community would inject $15 million of capital into the troubled Heritage.
State and federal regulators last month ordered Heritage to raise capital, clean up its loan portfolio, and assess its management.
