Springfield, Ill.-based Illini Corp. said it has a deal to buy Farmers State Bank of Camp Point, Ill., for $3.5 million in stock.
Shareholders of $33 million-asset Farmers State would receive 123,333 shares of Illini's stock. The deal is expected to close during the third quarter.
Illini, the $161 million-asset holding company for Illini Bank, also announced it will maintain a relationship with Legacy Securities Corp., the Atlanta investment banking firm that represented Illini in its deal to buy Farmers State Bank.
Legacy Securities will help Illini find additional acquisition targets in central Illinois and advise the company on its overall strategic plans, said Bernard K. McHone, Illini's president.