Hometown Community Bancorp Inc. of Morton, Ill., has a deal to acquire the $178 million-asset Alpha Financial Group Inc. of Toluca.
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The deal was announced last week. The price was not disclosed.
The $1.5 billion-asset Hometown is the parent of Morton Community Bank.
Buying Alpha Financial would add four branches to Morton's network of 20 in central Illinois, including its first in the communities of Spring Bay, Toluca, and Washburn.
The acquisition, expected to close in the fall, also would bring Hometown into the trust services business.
After the acquisition Alpha Financial's insurance subsidiary, Alpha Insurance Services Inc., would retain its name and would operate as a subsidiary of Hometown.
