West Suburban Bancorp Inc. in Lombard, Ill., has a deal to acquire G.R. Bancorp Ltd., the holding company that owns more than 80% of First National Bank of Grand Ridge in Illinois, for $5.7 million in cash.
The $1.9 billion-asset West Suburban, which announced the deal in a Securities and Exchange Commission filing last week, has 34 branches in DuPage, Kane, Kendall, and Will counties. Buying G.R. Bancorp and the $28 million-asset First National Bank of Grand Ridge would give West Suburban its first branch in LaSalle County.
First National Bank of Grand Ridge, founded in 1903, earned $190,000 in the first nine months of last year, according to Federal Deposit Insurance Corp. data.
The price is equal to 1.95 times its tangible book value and 25 times its earnings for the last 12 months, according to SNL Financial LC.
