Eldorado, Ill.-based Legence Bank recently signed an agreement to purchase Texico State Bank for an undisclosed amount. The transaction, pending regulatory approval, was signed Oct. 15.
The agreement provides for the nearly $620 million Legence Bank to acquire all Texico State Bank deposits and loans but not its sole Texico building. The bank has approximately $9.4 million in deposits and $1.8 million in loans. The acquisition, expected to be completed by the end of this year, will increase the assets of Legence Bank to approximately $645 million across 13 branches.
Legence will continue operating 12 branches in southern Illinois and one in Evansville, Ind. All customers are expected to continue using the current Texico State Bank branch until the transaction is approved and completed. Legence Bank’s Mt. Vernon, Ill., branch is expected to become the new home for all customers.
“The transaction is consistent with our long-term banking strategy, which envisions a mix of robust digital and branch-based solutions tailored to the needs and convenience of our customers, while optimizing efficiencies,” Legence said.
Joe Gliosci, Illinois region president for Legence Bank, said the transaction allows his institution “to realize additional scale in our targeted service area and acquire long-term value creation.”
“We believe the integration experience we have gained in recent years, along with the excellent relationships we maintain with regulators, will enable a seamless transition with new technology,” he said.
Bridget Potter, president of Texico State Bank, said that “providing continued exemplary service and additional financial opportunities for our customers was a driving factor in choosing Legence Bank.”
Paul Cambridge with Armstrong Teasdale served as legal counsel for Legence Bank. Milynco Financial was the financial advisor for Texico State Bank.