Bloomington-based Heartland Bank and Trust has agreed to acquire American Midwest Bank in Sycamore.
The acquisition will be made in cash, though terms of the deal have not been disclosed yet.
Following completion of the transaction, Heartland Bank will have 64 banking offices with total assets of $3bn.
The deal, subject to regulatory approval, is scheduled to be completed by the end of this year or early next year.
Heartland Bank and Trust executive vice president and chief retail officer Diane Lanier hinted that Heartland Bank does not intend to shut down any American Midwest branches following the takeover.
She further said that customers of American Midwest Bank should not expect any immediate changes to their accounts – including fees, debit and credit cards – post acquisition.