Lena, Ill.-based Citizens State Bank is buying Savanna, Ill.-based First Savanna Savings Bank.
The $324.6 million Citizens State Bank is a wholly-owned subsidiary of First Lena Corp. By buying the less than $10 million First Savanna, Citizens will further expand in northwest Illinois, where it already has branches in Stockton, Freeport, Elizabeth and Lena.
The merger is expected to close in the fourth quarter of this year. The value of the deal was not announced.
“We are excited for the opportunity to continue to expand our footprint into Carroll County and the Savanna market,” said Citizens State Bank President and CEO Amy Baker. “We believe that a strong community is the foundation for growth, and we look forward to serving alongside the Savanna community, bringing with us banking knowledge and traditions that have been a part of Citizens State Bank for over 140 years.”
The investment banking firm Olsen Palmer LLC, Washington, D.C., served as financial adviser to First Savanna, while Godfrey & Khan, S.C., Milwaukee, was a legal adviser. Gerrish Smith Tuck Consultants, Memphis, was a legal and financial advisor for First Lena Corp. and Citizens State Bank.
“I am tremendously pleased by the prospect of joining an organization with a proven track record and exemplary reputation of meeting the needs of its customers,” said First Savanna Savings Bank CEO Steven McIntyre.