Bank - Mergers and Acquisitions
First Bank to sell Lawrenceville, Ill., branch to Peoples State Bank of Newton Illinois
August 30, 2009 11:24 PM ET
By Ravi Panchal
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Newton, Ill.-based Peoples State Bank of Newton Illinois ($252.2 million) and First Banks Inc. unit Creve Coeur, Mo.-based First Bank ($10.36 billion) said Aug. 28 that they entered into a branch purchase and assumption agreement, pursuant to which Peoples State Bank will purchase First Bank's Lawrenceville, Ill., branch office. Terms of the deal were not disclosed. Under the terms of the agreement, entered Aug. 27, Peoples State Bank will assume approximately $25.7 million of deposits and certain other liabilities. It will also buy about $15.4 million of loans and certain other assets, including premises and equipment. The transaction is expected to close in the fourth quarter, subject to regulatory approvals and certain closing conditions. |
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