Peoples Bank & Trust in Pana, Ill., has agreed to buy Arcola First Bank in Arcola, Ill.
The $539 million Peoples applied with regulators on Jan. 31 to acquire the $123 million-asset Arcola. The deal is expected to close in late spring or early summer.
The banks originally announced the deal on Jan. 2. The price wasn’t disclosed.
“We’re excited about the opportunity to have the outstanding employees [at Arcola First] join our existing team,” John Gardner, Peoples’ president and CEO, said in a press release.
“We believe the most important relationships in banking are the personal relationships between the customer and the bank employees that serve their financial needs,” Gardner added.