First National Bank of St. Louis in Clayton, Mo., has announced an agreement to buy First National Bank of Millstadt, Ill., in a deal worth $21 million.
The deal would give the $1.3 billion-asset First National of St. Louis, which has a dozen branches, greater coverage of the St. Louis metropolitan area by expanding its presence in southern Illinois, the bank said on Wednesday. It already has a branch in O'Fallon and is planning to open another branch there and in Columbia this year.
The $90 million-asset First National Bank of Millstadt, founded in 1903, has one branch and 25 employees, all of whom are expected to remain after the deal closes this fall.
First National of St. Louis is a division of the $7.1 billion-asset Central Banco., a 13-bank holding company in Jefferson City, Mo.
