Muscatine, Iowa-based Central Bancshares is acquiring Moline, Ill.-based McLaughlin Holding Co.
As part of the deal, Central Bancshares subsidiary CBI Bank & Trust is acquiring McLaughlin subsidiary SENB Bank. The transaction is expected to be completed in the third quarter of this year. Terms of the deal were not disclosed.
By acquiring the $337 million, six-branch SENB Bank, Central Bancshares will grow to $1.45 billion in assets. Central Bancshares President and CEO Greg Kistler said the two banks “share our core community banking philosophy: Empowered local management and employees dedicated to serving our customers and communities.”
“It’s a great opportunity and an excellent fit for both organizations,” added SENB Bank President Terry Esch. “Our customers can rest assured that there is a strong commitment to continue providing the same safe, stable banking environment that they’ve grown to know and trust and that they will continue to receive the same high level of customer service.”
Cummings & Co. LLC, Summit, N.J., served as financial adviser and Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago, served as legal counsel to Central Bancshares. Olsen Palmer LLC, Washington, D.C., served as financial adviser and Dickinson Wright PLLC, Chicago, served as legal counsel for McLaughlin Holding Co.