Partly thanks to an investment influx, CNB Shares will purchase Jacksonville Bancorp, Inc., for about $61.6 million, the two announced Thursday. Castle Creek Capital Partners VI L.P. of Rancho Santa Fe, Calif., has made an investment of $30 million into CNB, pending typical closing considerations. That money will both help fund the acquisition of Jacksonville Savings Bank, Ill., and spur organic growth.
Based in Carlinville, Ill., CNB Bank & Trust, the subsidiary of CNB Shares, will grow to more than $1.2 billion in assets with the acquisition.
“This merger will not only be a good fit geographically for CNB, but also culturally as Jacksonville Savings Bank has diligently committed resources to staff training in the areas of quality service and product development,” CNB B&T President Shawn Davis said in a statement.
Each Jacksonville stockholder will receive $33.70 per common share. Jacksonville Savings Bank President and CEO Rich Foss will join the board of directors at CNB B&T while Jacksonville Bancorp Chairman Andy Applebee will serve in an advisory role.
“Our two banks are very complementary,” Applebee said. “We are confident CNB will continue our community bank traditions while capitalizing on the benefits that come with being a larger bank.”
The deal is expected to gain regulatory approval in the second quarter and be completed in the fourth quarter of 2018 or, possibly, the first quarter of 2019.