First Illinois Corp. said Wednesday that it would buy a majority stake in Hickory Point Bank & Trust from an agriculture processor.

First Illinois was formed to buy Hickory Point from its parent, Archer Daniels Midland Co. The company is led by Hickory Point's management, who did not disclose the deal's price.

First Illinois said in a press release that Archer Daniels Midland reached a long-term service agreement and will retain a minority interest in the bank. Anthony Nestler, Hickory Point’s executive vice president, will become president and chief executive when the deal is completed. Corydon Nicholson, Hickory Point’s president, will not join the new management team but will stay with Archer Daniels.

Hickory Point has seven branches in central Illinois and $864 million in assets. First Illinois said it expects to complete the deal by June 30.

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