Blackhawk Bancorp. in Milan, Ill., has agreed to buy Liberty Bancorp. in Durant, Iowa.
The $2 billion-asset parent of Blackhawk Bank & Trust said in a statement that it expects to buy the holding company for the $186.2 million-asset Liberty Trust & Savings Bank in the fourth quarter. The price wasn’t disclosed.
The acquisition “represents an important next step for two organizations that share a very similar approach to community banking,” Eric Huiskamp Mutka, Blackhawk’s president and CEO, said in the statement.
“Liberty Trust is an excellent cultural and strategic fit for Blackhawk,” he added. “Together, we will be better positioned to offer expanded capabilities, greater convenience, and the resources of a larger organization while preserving the personal service and local decision-making our customers value.”