First Waterloo Bancshares has agreed to acquire Best Hometown Bancorp in a transaction worth $12.302m.
Best Hometown Bancorp is the savings and loan holding company for Best Hometown Bank. The bank was initially chartered as Home Federal Savings and Loan Association of Collinsville in 1887, and completed a mutual to stock conversion in June 2016.
Best Hometown Bank, which had total assets of $115m, has two banking centres in Madison County and is serving customers in Collinsville and Maryville.
As per the terms of the merger deal, shareholders of Best Hometown Bancorp will receive cash consideration of $14.89 per share of common stock.
First National Bank of Waterloo had total assets of about $485m as of 30 September 2019. The bank currently has eleven banking centres in central and southern Illinois.
It serves customers in Waterloo, Columbia, Millstadt, O’Fallon, Dupo, Smithton, Effingham and Stewardson.
The transaction is expected to create a community bank, offering a range of competitive products and services for consumers and businesses.
Best Hometown Bank president & CEO Ron Shambaugh said: “This is a unique opportunity for Best Hometown Bank to partner with an organization that operates with a similar philosophy as Best Hometown Bank.
“First National Bank of Waterloo has a long-standing history and is very community focused. We look forward to offering our customers additional new products and services.”
The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2020.