Western Illinois Bancshares in Monmouth has agreed to buy Main Street Bancorp in Princeville, Ill.
The parent of the $670 million-asset Midwest Bank said that its bank and Main Street’s $121 million-asset Princeville State Bank will operate as “independent, separately chartered banks” after the deal closes.
The price of the all-stock deal wasn’t disclosed.
Main Street “is a great fit for our company because they share our vision for strategic growth and establishing a community-based financial services model,” Chris Gavin, Midwest Bank’s CEO, said in a press release.
D.A. Davidson advised both companies. Dickinson Wright advised Western Illinois, while Gerrish Smith Tuck advised Main Street.