First Federal Financial Services Inc. of Edwardsville, Ill., has agreed to buy Clover Leaf Financial Corp., also of Edwardsville, for at least $20.4 million in cash and stock.
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The $140 million-asset First Federal said that it would convert its mutual holding company, which now owns 55% of the company's stock, into a standard holding company and use the proceeds from the stock sale to acquire the $132 million-asset Clover Leaf.
The conversion is expected to take place in the second quarter. The Clover Leaf deal was announced last week and is expected to close in the third quarter.
The price of the deal is contingent on an independent valuation of First Federal included in its second-step conversion.
