Illinois community banks to merge

Midwest Community Bancshares is buying fellow Southern Illinois community bank holding company Carbondale Investment Corp., in Carbondale, Ill., creating a financial institution with just over $1 billion in assets.  

Midwest Community is the parent company of the $781 million-asset, Marion, Ill.-based First Southern Bank. Carbondale Investment is the holding company for the $282 million-asset Bank of Carbondale. 

The transaction will close in the second quarter. 

Hovde Group LLC was the exclusive financial advisor to both Carbondale Investment and the Bank of Carbondale.