Peoples Bancorp in Newton, Ill., has agreed to buy Bancorp of Rantoul in Rantoul, Ill.
The $729 million-asset Peoples expects to buy the parent of the $284 million-asset Bank of Rantoul in the fourth quarter. The price of the all-cash deal wasn’t disclosed.
Bank of Ratoul has two branches. Rantoul Chairman and co-CEO Denny Long will join Peoples as a market president; Craig Rogers will also become a market president.
Olsen Palmer advised Bancorp of Rantoul.