National City Bancshares, Evansville, Ind., announced it would buy First Bancorp Vienna (Ill.) and Princeton (Ky.) Federal Bank in stock-swap transactions.
National City is to exchange 62 of its shares for each of $39 million- asset First Bancorp Vienna's 4,264 outstanding shares, in a deal worth $9.9 million. The acquisition, which would be $1.5 billion-asset National City's seventh in Illinois, is expected to close during the fourth quarter.
In the Princeton Federal deal, National City plans to issue 212,658 shares in exchange for the $32 million-asset bank. The $7.9 million deal is to close in the fourth quarter.
"This affiliation fits very well geographically with our banking franchises in Kentucky," said Michael F. Elliott, chairman and chief executive officer of National City.
Including this latest announcement, National City has six deals pending. They would boost its total assets to $2 billion by yearend.
- Laura Pavlenko Lutton