St. Louis-based Royal Bancshares is buying Saints Avenue Bank in Hannibal, Mo., in an all-cash transaction.
The move adds four branches in the northeastern part of the state to Royal’s footprint, with offices in Hannibal, New London, Saint Charles and Center. Royal currently has 13 offices in eastern Missouri and southern Illinois.
“This acquisition is strategic as it accelerates the growth of business banking and treasury services for the combined organizations,” said Saints Avenue President and CEO Chuck Leuck. “Our team is excited about the philosophical fit and focus on community banking—a hallmark of both institutions.”
Founded in 1944 as Ralls County State Bank, Saints Avenue Bank has $127 million in assets, $110 million in deposits and $85 million in loans.
“Chuck and his team are what makes this opportunity so attractive,” said Mitchell Baden, president and CEO of the $865 million Royal. “This transaction has been a team effort from the beginning.”
Royal plans to retain all Saints Avenue staff, Baden added.
Details of the acquisition, which is set to close late in the second or early in the third quarter, were not disclosed.
Royal Bancshares was represented by Armstrong Teasdale in the transaction, and Saints Avenue Bancshares was represented by Carmody MacDonald PC.