National Bancshares Inc. of Bettendorf, Iowa, has agreed to acquire Metrocorp Inc. of East Moline, Ill., for $79 million.
The deal, which was announced last week and is expected to close in the third quarter, ended a competition for the $563 million-asset Metrocorp.
In mid-August the $481 million-asset National made an unsolicited cash offer of $62.4 million, or $52 a share, for Metrocorp. On Sept. 9 the $608 million-asset Blackhawk Bancorp. Inc. of Milan, Ill., offered to pay $62 a share.
National eventually raised its offer to $67 and won over Metrocorp’s board.
The acquisition would add 19 branches to National’s 11 in the Quad Cities area of Illinois and Iowa and give National the No. 2 deposit share in the Davenport, Iowa, metropolitan statistical area. It currently ranks 10th.
