In Brief: First BancTrust of Ill. Buying Rantoul First

First BancTrust Corp., of Paris, Ill., announced Monday that it has agreed to acquire Rantoul First Bank for $4.2 million in cash.

The deal would give the $231 million-asset First BancTrust one additional branch; it currently has three. First BancTrust's president and chief executive officer, Terry J. Howard, said in a press release that the deal fits in with its strategy of growing through selective acquisitions.

Shareholders of the $31 million-asset Rantoul would receive $22.10 in cash for each of their shares, or roughly 1.7 times Rantoul's book value. The deal is expected to close next quarter.