In Brief: Merchants of Ill. Selling Recent Acquisition

Merchants Bancorp has agreed to sell one of four banks it acquired earlier this year to Quest Acquisition Corp.

Quest, an investment company, will purchase $25 million-asset Anchor Bank, Third Lake, Ill., for cash. No further details of the transaction were disclosed.

Although Quest is making its first bank acquisition, its five founders have bank and thrift experience, said Gary Spahn, a principal.

In January, $665 million-asset Merchants bought Valley Bank Services Inc., a holding company that included Anchor and banks in St. Charles, Hinckley, and Osco.

President Calvin R. Myers said Merchants had considered from the start that it might sell the Third Lake and Osco banks, which are outside its main market.

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