First Bank, a subsidiary of Missouri-based First Banks, and Illinois-based The Peoples State Bank of Newton, have signed a branch purchase and assumption agreement providing for the sale of First Bank’s Lawrenceville branch office in Illinois to Peoples State Bank.
Under the terms of the agreement, Peoples State Bank is to assume approximately $25.7 million of deposits as well as certain other liabilities. Peoples State Bank will also purchase approximately $15.4 million of loans as well as certain other assets, including premises and equipment. However, the transaction, which is subject to regulatory approvals and certain closing conditions, is expected to be completed in the fourth quarter of 2009.
Douglas Distler, president of First Bank’s southern Illinois region, said: “We have enjoyed the relationships we have developed with our customers and wish each of our customers and our employees much continued success in the future as they join a fine organization focused on community-oriented banking in Jasper and Lawrence counties.”
Gregory Ikemire, president of Peoples State Bank, said: “We look forward to expanding our presence in the Lawrence County market. This market is very similar to the market that our bank has served for 134 years. We are also especially eager to work with the existing staff. We anticipate no personnel changes and are confident that the transition will be very customer friendly.”
