Legence Bank, Eldorado, Ill., owned by First Eldorado Bancshares, Inc., agreed to buy the Shawneetown, Ill., branch of Grand Rivers Community Bank, as well as Kotner Title & Abstract, from the bank’s holding company, Main Street Bancshares, Inc.
The Shawneetown branch has about $7 million in deposits. After the acquisition, expected in the third quarter, Legence Bank will have about $630 million in total assets and 13 branches.
Legence Bank has been servicing the southern Illinois area for 115 years. “With this acquisition, we continue to reach our long-term growth goal, and strengthen our footprint in the southern Illinois market,” said Martin Rowe, the president and CEO of First Eldorado Bancshares, Inc. “The additional Shawneetown branch and Kotner Title & Abstract will open a natural market extension where our team will continue providing excellent service, along with convenient personal and business banking solutions to our customers and communities we serve.”
“Grand Rivers Community Bank is proud to have served the Shawneetown community in southern Illinois for more than six years, allowing us to develop a number of personal and professional relationships,” said Whitney Stringer, president and CEO of Grand Chain, Ill., bank. “Maintaining this location and providing future opportunities for our employees within their respective communities was a driving factor in choosing Legence Bank to purchase the Shawneetown Branch and Kotner Title & Abstract.”
With the addition of the Grand Rivers Community Bank branch in Illinois, Legence Bank will have a total of twelve branches in southern Illinois and one branch in Evansville, Ind.
“The acquisition supports our growth strategy to capitalize on opportunities that leverage our capital while extending our services,” said Kevin Beckemeyer, president and CEO of Legence Bank. “We are excited to have a title company to provide another opportunity for timely service to our customers.”
The $22 million Grand Rivers Community Bank will have two branches following close of the deal.