Founders Group Inc. in Worth, Ill., is buying the $50 million-asset Vermilion Bancorp Inc. of Danville for $8.6 million in cash.
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The deal was announced Friday. Vermilion's one-branch American Savings Bank would be merged into Founders' second-largest subsidiary, the $144 million-asset First National Bank of Danville.
The two banks have been competitors in Vermilion County for the past 100 years.
The purchase, expected to close is the third quarter, would be the first for the $944 million-asset Founders in at least a decade.
