A local bank holding company has agreed to acquire a community bank located in two fast-growing suburbs northwest of Chicago.
State Financial Services Corp., a $305.9 million-asset holding company, said it would acquire Richmond Bancorp and its affiliate, Richmond Financial Services. While the terms of the deal were not disclosed, State Financial Services said it would pay cash for the $86.1 million-asset company.
Should the deal close by the end of the year, the Richmond Bancorp deal would mark State Financial Services' entry into the Illinois banking market. State Financial Services operates two banks and seven branches in Milwaukee, Waukesha, and Racine counties in Wisconsin, just north of the Illinois border.
As a State Financial Services subsidiary, Richmond Bank would maintain its charter and operate as a separate bank. The 76-year-old bank, which is headquartered in Richmond, has a second branch in Libertyville.