Hometown Community Bancorp in Morton, Ill., has agreed to buy Trivoli Bancorp in Trivoli, Ill.
The privately held banks said in a press release Tuesday that they expect the transaction to close in the third quarter. The banks did not disclose the deal’s financial terms.
Hometown, the parent of the $3.1 billion-asset Morton Community, is controlled by its employee stock-ownership plan. Trivoli is the holding company for the $256 million-asset Heritage Bank of Central Illinois.
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Buying and selling branches is routine for a lot of banks, but it's big news at First National Bank of Dwight in Illinois.
February 26 -
Centrue Financial in Ottawa, Ill., has agreed to sell three branches in Illinois.
January 27 -
Amboy Bancorp in Amboy, Ill., has agreed to buy Franklin Grove Bank in Franklin Grove, Ill.
December 30
Heritage Bank lost $106,000 in the fourth quarter after earning $394,000 during the first nine months of last year, according to its call report. Morton Community earned $48 million last year, including nearly $12 million in the fourth quarter.
Heritage Bank, founded in 1920, has six branches around Peoria, Ill. Morton Community has 33 branches in Illinois.
