St. Louis-based Allegiant Bancorp is selling its three branches outside its hometown market.
Winfield Banking Co., a $30 million-asset subsidiary of Lincoln County Bancshares, Troy, Mo., plans to buy the branches under a deposit transfer and asset purchase agreement. Details of the deal, which is expected to close in December, were not released.
The branches are in Kaholk, Palmyra, and Monroe City in northeast Missouri, about 80 miles from St. Louis. They have combined assets of $14.4 million, loans of $12.4 million, and deposits of $39.4 million.
Allegiant, a $614 million-asset company, is spinning off the branches so it can expand within its home market. The company operates 12 branches in St. Louis and its suburbs.