Tri-County Financial Group, Mendota, Ill., holding company to First State Bank, agreed to acquire H.F. Gehant Bancorp, Inc., Brooklyn, Ill., the holding company for H.F. Gehant Banking Co.
The $59 million bank, H.F. Gehant Bancorp, will operate under the name of First State Bank and expands the $1.14 billion bank to West Brooklyn and Triumph, Ill., locations.
“We are very pleased to be joining with a larger community bank that is committed to delivering a high level of customer service,” said Bill Gehant, president and CEO of H.F. Bancorp. “We believe this transaction will be beneficial to our shareholders, customers and employees, and it will allow us to offer a broader array of banking services to our customers.”
First State Bank has locations across Illinois in Mendota, Batavia, Bloomington, Geneva, Lamoille, McNabb, North Aurora, Ottawa, Peru, Princeton, Rochelle, Shabbona, St. Charles, Streator, Sycamore and Waterman.
“The combined solid core deposit base allows us to take advantage of asset growth opportunities in both the acquired markets and our broader market areas, and we look forward to the opportunities this transaction creates to enhance shareholder value,” Tri-County Financial Group CEO and President Tim McConville said. “We are excited for the opportunity to partner with an organization that is committed to true community banking.”