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Western Illinois Bancshares, Inc. and Main Street Bancorp, Inc. Announce Merger Plans

Western Illinois Bancshares, Inc., the parent company of Midwest Bank, and Main Street Bancorp, Inc., the parent company of Princeville State Bank, jointly announced today the signing of an Agreement and Plan of Merger. Pursuant to the agreement, Main Street Bancorp will be merged into Western Illinois Bancshares in an all-stock transaction, with Western Illinois Bancshares becoming the surviving entity. Both Midwest Bank and Princeville State Bank will continue to operate as independent, separately charted banks after the transaction is finalized. Together, they will have a combined total asset base of approximately $800 million.

Andrew Black, President and CEO of Princeville State Bank, commented, “Western Illinois Bancshares stood out as a good partner for our shareholders, customers and the communities we serve.  We are both committed to community banking, and we share similar cultures and values. We are excited about the additional services this partnership will bring to our customers.”

“Main Street Bancorp is a great fit for our company as they share our vision for strategic growth and the establishment of a community centered financial services model,” said Chris Gavin, CEO of Midwest Bank.  “Community banks are the backbone of small business and agriculture in west central Illinois. We look to build on these relationships through our insurance, wealth management and other financial services. Our personalized approach, coupled with the latest technology, makes us a great choice. We are excited to welcome the customers of Princeville State Bank to the Western Illinois Bancshares family.”

From a strategic perspective, the merger provides many benefits to both banks’ shareholders, including:

  • Overall expense reductions through combined functions and elimination of duplicate vendor contracts.
  • A broader range of financial products and services for our customers, which will lead to increased non-interest income.
  • Expectations for improved operating and financial performance.

The transaction has been approved by the board of directors of each entity and is expected to close prior to the end of this year, subject to customary closing conditions including regulatory approvals and Main Street Bancorp shareholder approval.

Midwest Bank, formerly the National Bank of Monmouth, was established on September 9, 1870, and operates across eight banking and insurance locations spanning six counties. Midwest Bank offers a wide range of business and personal financial solutions, insurance, trust and wealth management services in addition to an array of electronic banking services. For more information visit www.mbwi.com.

Princeville State Bank was established on April 15, 1950, and operates two locations, Princeville and Peoria.  Princeville State Bank offers both consumer and business financial products including wealth management as well as many electronic banking solutions. For more information visit www.p-s-b.com.

Dickinson Wright, PLLC served as legal counsel to Western Illinois Bancshares, Inc.  Gerrish Smith Tuck, PC served as legal counsel to Main Street Bancorp, Inc.  D.A. Davidson & Co. served as a financial advisor to both Western Illinois Bancshares, Inc. and to Main Street Bancorp, Inc.  Terms of the transaction were not disclosed.

 

Western Illinois Bancshares contact:                     Main Street Bancorp contact:

Chris Gavin, President                                                Andrew Black, President / CEO

309.457.2227                                                               309.385.4375

 

 

As always if you have an interest in selling or buying, please contact Brooke Robinson (309-457-6284 / Brooke.Robinson@mbwi.com) or Chris (309-457-6227 / Chris.Gavin@mbwi.com) with the number of shares and the selling, or offering price.

 

Best Regards,

Gus Hart & Chris Gavin

 



 

   
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