Tuesday, February 15, 2022

Longview in Illinois to buy neighboring bank

Longview Capital in Newman, Ill., has agreed to buy Farmers Bank of Mt. Pulaski in Mount Pulaski, Ill.

The $665 million-asset Longview said in a press release Tuesday that it will pay cash for the $66 million-asset Farmers Bank. Longview did not disclose the price it will pay. 

The deal is expected to close in the second quarter. 

Farmers Bank has one branch, $59 million of deposits and $16 million of loans. 

"Our companies share similar values and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees and communities first,” David Albin, Longview’s president, said in the release. 

“We look forward to entering an attractive new market that is a logical extension of our existing operations," Albin added. 

Olsen Palmer and Vedder Price advised Farmers Bank. Hinshaw & Culberson advised Longview.

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