In Brief: Kankakee in Pact to Purchase Coal City Corp.

October 20, 1997, 1:00 a.m. EDT 1 Min Read

Kankakee Bancorp said Friday it has agreed to buy a $50 million-asset bank unit of Coal City Corp., a $595 million-asset bank holding company.

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The $342 million-asset Kankakee wouldn't disclose how much it's paying for Coal City National Bank. James G. Schneider, Kankakee's chief executive, said the banks serve a similar customer base and have compatible cultures. Kankakee would drop Coal City's charter and make the bank branches of the holding company's thrift, Kankakee Federal Savings Bank.

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