The $1.5 billion-asset TS Banking said in a press release Wednesday that the $210 million-asset State Bank will be merged into its First National Bank and Trust. The deal is expected to close in the third quarter.
TS Banking did not disclose how much it will pay B&E Investments for the bank.
Kevin Manley, State Bank's president and CEO, will join TS Banking as market president for the Arcadia, Independence and Whitehall markets.
State Bank is "a great fit,” Joshua Guttau, TS Banking's CEO, said in the release. “The bank has been well-run with good credit quality, supportive of the community and has a team of experienced local employees."
Reinhart Boerner Van Deuren and Oakridge Financial advised B&E Investments.
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