Piper Holdings in Covington, Ind., has agreed to buy Gifford Bancorp in Gifford, Ill.
Piper, the parent of the $669.5 million-asset Fountain Trust Co., did not disclose how much it will pay for the holding company of the $188.5 million-asset Gifford State Bank.
The deal is expected to close in the first quarter.
The merger “allows us to provide a broader range of banking services to our customer base, and our larger combined lending limit will allow us to continue to grow and become a bigger player in our communities,” Tony McLain, Gifford’s president and CEO, said in a statement.
Barack Ferrazzano Financial Institutions Group advised Gifford. Performance Trust Capital Partners advised Piper.