ST. LOUIS -- Roosevelt Financial Group said it had agreed to acquire First Granite City Savings Bank.

The mutual, based in Granite City, III., ha about $ 52 million in deposits.

Roosevelt said it would convert the charter to that a stock institution and merge the unit into Roosevelt Bank, its principal thrift subsidiary.

Financial terms were not disclosed. Roosevelt said it expected to complete the deal this year if the Office of Thrift Supervision approved.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.