The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Griggsville Bancshares to buy Bank of Bluffs in Illinois

Griggsville Bancshares in Griggsville, Ill., has agreed to buy Scott Morgan Bancorp in Bluffs, Ill.

The holding company for the $138 million-asset Farmers National Bank of Griggsville said in a press release that it expects to acquire the parent of the $59 million-asset Bank of Bluffs in the second quarter. The price wasn’t disclosed.

“Bank of Bluffs shares our core community philosophy: empowered local management and employees dedicated to serving our customers and communities,” Douglas Smith, president and CEO of Farmers National Bank of Griggsville, said in the release. “This agreement will also allow the combined bank to expand its market share in west-central Illinois.”

Angkor Strategic Advisors and Howard & Howard advised Griggsville Bancshares. Cummings & Co. and Hinshaw & Culbertson advised Scott Morgan Bancorp.

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