First Lena Corp. in Lena, Ill., has agreed to buy First Savanna Savings Bank in Savanna, Ill.
First Lena, the parent of the $325 million-asset Citizens State Bank, said in a press release that it expects to buy the $9.8 million-asset First Savanna in the fourth quarter. The price wasn’t disclosed.
Citizens will enter the Savanna market in northwestern Illinois when the deal closes.
“Our team is dedicated to delivering an exceptional community banking experience and serving the needs of local agricultural, business and consumer customers,” Amy Baker, Citizens State’s president and CEO, said in the release.
“We believe that a strong community is the foundation for growth, and we look forward to serving alongside the Savanna community, bringing with us banking knowledge and traditions, that have been a part of Citizens State Bank for over 140 years,” Baker added.
Olsen Palmer and Godfrey & Kahn advised First Savanna. Gerrish Smith Tuck Consultants and Gerrish Smith Tuck advised First Lena.