(Muscatine, IA) Central Bancshares, Inc., headquartered in Muscatine, Iowa, and Brimfield Bank, Brimfield, Illinois, have jointly announced the signing of an Agreement and Plan of Merger whereby Central Bancshares will acquire Brimfield Bank. It is anticipated that following completion of the acquisition, Brimfield Bank will be merged into F&M Bank, Galesburg, Illinois, a wholly-owned subsidiary of Central Bancshares, Inc.
Terms of the transaction, which is subject to regulatory approval, were not disclosed. It is expected to be completed by the early part of the third quarter.
The boards of both organizations believe that the acquisition will create a strong partnership, bringing together two compatible community banks. Brimfield is located midway between Galesburg and Peoria, communities in which F&M Bank already has a combined total of four locations.
“It’s a great opportunity for us and an excellent fit into our organization’s geographic footprint,” said Greg Kistler, President and CEO of Central Bancshares, Inc. “We are looking forward to welcoming the new employees and new customers to our organization, and we want them to know that we are committed to providing a smooth transition.”
Central Bancshares, Inc. is a $785 million (assets) privately-held parent company of two wholly-owned subsidiary banks: F&M Bank, based in Galesburg, Illinois, and CBI Bank & Trust, located in Muscatine, Iowa. Together they serve approximately 40,000 households and businesses through 12 banking centers located in Galesburg, Peoria and Buffalo Prairie, Illinois, and Coralville, Kalona, Muscatine, Washington and Wilton, Iowa.
Brimfield Bank was organized in 1913. It serves individuals, families and businesses in the Peoria County, Illinois trade area and has total assets of approximately $45 million.