First Waterloo to buy Village Bank in Illinois

First Waterloo Bancshares in Waterloo, Ill., has agreed to buy Village Bancshares in St. Libory, Ill.

The $803 million-asset First Waterloo said in a press release that it plans to complete the purchase of the $116 million-asset Village in the fourth quarter. It did not disclose the price it will pay. 

"We believe that we are stronger together and can better serve the needs of our customers and our communities through this merger,” Rick Parks, First Warterloo’s president and CEO, said in the release. 

“We also believe that [Village] customers will benefit greatly from the expanded products and resources [we are] able to bring to the table,” Parks added.

First Waterloo has 13 branches, while Village has three locations. 

Bryan Cave Leighton Paisner advised First Waterloo. Armstrong Teasdale advised Village.