Illinois-based Morton Community Bank is acquiring Springfield, Ill.-based Marine Bank.
The merger is expected to close in the second quarter of next year. Morton Community Bank will grow to a $5.7 billion bank and add 11 branches to its footprint.
The acquisition continues the bank’s recent growth. Two years ago, Morton Community Bank acquired several Associated Bank branches in Peoria, Ill. Morton has bought three Illinois banks in the last five years.
“The merger will be a new and exciting chapter for Marine Bank customers and employees,” said Marine Bank President and CEO Chris Zettek. “We are looking forward to the opportunities that come with Morton’s employee-owned culture and entrepreneurial spirit. This partnership will allow us to continue to deliver to our customers the highest quality community bank experience possible.”
The Peoria, Ill., law firm Quinn, Johnston served as legal counsel to Morton Community Bank’s holding company Hometown Community Bancorp. Piper Sandler & Co., Minneapolis, served as financial adviser to Marine Bancorp and Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago, provided legal counsel.