Western Illinois-based Griggsville Bancshares is expanding in the region by acquiring Bluffs, Ill.-based Scott Morgan Bancorp.
Headquartered approximately two hours north of St. Louis in western Illinois, Griggsville Bancshares is the holding company of $137 million Farmers National Bank of Griggsville. Scott Morgan Bancorp is the parent company of $59.3 million Bank of Bluffs, Ill.
The transaction is expected to close in the second quarter of next year. Terms of the transaction were not disclosed.
The Jacksonville (Ill.) Journal-Courier reported on the merger. “Bank of Bluffs shares our core community philosophy: Empowered local management and employees dedicated to serving our customers and communities,” said Farmers National Bank of Griggsville President and CEO Douglas W. Smith. “This agreement will also allow the combined bank to expand its market share in west-central Illinois.”
Chicago-based Angkor Strategic Advisors served as financial adviser to Griggsville Bancshares and business law firm Howard & Howard was legal counsel. For Scott Morgan Bancorp, Cummings & Co. was financial adviser and Chicago-based law firm Hinshaw & Culbertson was legal counsel.