The Bank Slate


Community Partners to merge with Guardian Savings in Illinois

Community Partners Savings Bank in Salem, Ill., has agreed to buy Guardian Savings Bank in Granite City, Ill.

The $249 million-asset Community Partners said in a press release that it expects to buy the $32.4 million-asset Guardian this fall. The price wasn’t disclosed.

“The best strategy to keep community banks alive and strong in small communities is to join forces so we can share resources and strengths,” T.J. Burge, Community Partners’ president and CEO, said in the release. 

“We are glad to join Community Partners, as we searched for a great partner who will continue our long commitment to the Granite City community, they are a perfect solution.” Mark Kleindorfer, Guardian’s chairman, said in the release.

Guardian Savings will operate as a division of Community Partners.

Community Partners was advised by Angkor Strategic Advisors and Armstrong Teasdale. Guardian was advised by Howard and Howard.

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