Central Bancshares in Muscatine, Iowa, has agreed to buy McLaughlin Holding Co. in Moline, Ill.
Central, the parent of the $1.1 billion-asset CBI Bank & Trust, said in a press release that it expects to buy the parent of the $341 million-asset SENB Bank in the third quarter. The price wasn’t disclosed.
The systems conversions are expected to take place next year.
“We are excited to partner with SENB Bank,” Greg Kistler, Central’s president and CEO, said in the release. “They share our core community banking philosophy: empowered local management and employees dedicated to serving our customers and communities.”
“After the acquisition is completed, customers will not see any immediate changes,” Kistler added. “The bank will continue to operate at the same locations, supported by the same friendly officers and staff.. In short, it will be business as usual, supported by the financial strength and resources of a larger parent organization.”