Hometown Community entering northwest Illinois with bank acquisition
Hometown Community Bancorp in Morton, Ill., has agreed to buy Albany Bancshares in Illinois.
The $3.8 billion-asset Hometown plans to complete the purchase of the $182.7 million-asset Albany Bancshares by the end of this year, according to a notice distributed by Hovde Group, which advised the seller.
Hometown did not disclose the price it will pay.
Albany Bancshares, the parent of First Trust & Savings Bank, has four branches, $156 million in deposits and $123 million in loans.
The move marks Hometown’s entry into two counties northwest of its existing operations. Albany Bancshares has the fifth-biggest deposit market share in Whiteside County; it is the 13th-biggest bank in Rock Island County.