Washington Savings Bank in Effingham, Ill., is acquiring the First National Bank of Mattoon, Ill.
The $105 million First National has two branches in Mattoon and one in Lerna, Ill. It also offers trust, investment and wealth management services.
“First National Bank has maintained an excellent reputation in the community under the leadership of Preston Smith,” said David Doedtman, president of the $454 million Washington Savings Bank.
“We are excited at the opportunity to acquire First National Bank and to increase our community banking presence in the Mattoon area. The transaction will significantly enhance our wealth management capabilities.”
The combined bank will have about $100 million in assets under management and total assets of $559 million. Currently, Washington Savings has two branches in Effingham and one in Mattoon.
“We are excited to partner with a strong community bank like Washington Savings Bank,” said First National CEO Preston Smith. “We believe that this combination provides an opportunity for us to provide an expanded range of products and services to our customers while maintaining the high quality of customer service that our customers have come to expect.”
Terms of the deal, expected to close in the third quarter, were not disclosed.
Schiff Hardin LLP is serving as legal advisor to Washington Savings, and Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as legal advisor to First National Bank.