The Bank Slate


Western Illinois Bancshares to buy Princeville State Bank

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.

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