Newman, Ill.-based bank holding company Longview Capital Corp., has agreed to acquire The Farmers Bank of Mt. Pulaski, Ill., in an all-cash transaction.
The agreement expands Longview Capital’s branch footprint to Mt. Pulaski and increases the company’s asset base to approximately $731 million and 13 branches. The transaction is expected to close in the second quarter of this year.
“Our companies share similar values and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees, and communities first,” said Longview President and Director David Albin. “We look forward to entering an attractive new market that is a logical extension of our existing operations.”
Longview Capital has three Illinois banking subsidiaries: Bank of Gibson City, Longview Bank, Ogden, and Longview Bank & Trust, Chrisman. The Farmers Bank of Mt. Pulaski has approximately $66 million in assets, $59 million in deposits, and one branch.
“We believe this combination will better align our resources, enhance our financial strength, and expand our product offerings and technology solutions, all of which will allow us to better-serve our customers and communities,” added Rick Volle, chair of the board and president of The Farmers Bank of Mt. Pulaski.
The Farmers Bank of Mt. Pulaski was advised financially by Olsen Palmer LLC and legally by Vedder Price P.C. Hinshaw & Culberson LLP served as legal counsel to Longview Capital.