Liberty Bancorp. in Liberty, Ill., has acquired North Adams Bancshares in Ursa, Ill.
The $128 million-asset Liberty bought the parent of the $47 million-asset North Adams State Bank on Nov. 10. The price wasn’t disclosed.
“Our two banks have always been friendly competitors, and we have worked well together for decades, such as helping each other with larger loans, and bouncing ideas off of one another” Mark Field, Liberty’s chairman and president, told the Muddy River News.
“There is a long line of shared history between our two banks,” Field added.
John Longlett, North Adams’ chairman and the father of President and CEO Jeff Longlett, is Liberty’s general counsel. Other members of the Longlett family have served on Liberty’s board in the past.