Providence Bank in Columbia, Mo., has acquired Community First Bancorp in Fairview Heights, Ill.
The $684 million-asset Providence described the acquisition of the $211 million-asset Community First as a stock-purchase agreement, without disclosing additional financial terms. The deal closed on Wednesday.
The deal gives Providence its first office in Illinois. Community First Bancorp operated one branch of Community First Bank, located in Fairview Heights. Chuck Daily, Community First's founder, will join Providence as president of the Fairview Heights market.
Providence and its holding company, Linco Bancshares, is controlled by members of the family of Walmart founder Sam Walton. Providence Chairman Bill Laurie is married to Nancy Walton Laurie, the niece of Sam Walton.