Hometown Community Bancorp in Ill. to Buy Illini Corp.
Hometown Community Bancorp in Morton, Ill., has agreed to buy Illini Corp. in Springfield, Ill.
The $3.1 billion-asset Hometown and the $333 million-asset Illini did not disclose financial terms of the agreement. Both companies are privately held. The deal is expected to close in the second quarter and the two companies expect to complete their integration by the fourth quarter.
Illini is the holding company for Illini Bank and Farmers State Bank of Camp Point. It operates 12 branches in western Illinois.
Standard Bank & Trust in Hickory Hills, Ill., has hired an investment bank to explore a possible sale, according to Crain's Chicago Business.March 14
Hometown is the holding company for Morton Community Bank, which has 33 branches in Illinois. Earlier this month, Hometown agreed to buy Trivoli Bancorp in Trivoli, Ill.