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.

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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.