Two Downstate Illinois banks, Town and Country Bank (TCB) and Premier Bank of Jacksonville, announced plans to merge on Oct. 1.
The completion of the transaction is contingent upon standard closing conditions, regulatory approval and approval by shareholders. The merger is expected to be completed in the first quarter of 2016.
Town and Country Financial Corp., TCB's holding company, will pay $515 million to acquire West Plains Investors, Premier Bank's holding company.
“We are delighted to join these two sound organizations and their customers together," Town and County Financial President and CEO Micah Bartlett said. "At Town and Country Bank, we believe we are only successful when our clients are successful."
Premier Bank is based in Jacksonville and has assets of approximately $196 million. The company operates full-service branches in Jacksonville, Waverly and White Hall and The EDGEBANK (a branch of Premier Bank) in Edwardsville.
The combined assets connected with the merger will give TCB assets in excess of $700 million.
"In Town and Country, we have found a partner that mirrors our values and commitment to community banking and to remaining close to our customers,” Premier Bank President and CEO Paul White said.
For more information on the merger or Town and Country's service, visit www.townandcountrybank.com.