First National Bank of Waterloo and its parent company, First Waterloo Bancshares, Inc., and The Village Bank and its parent company, Village Bancshares, Inc., announced last week the signing of an agreement and plan of merger.
First Waterloo Bancshares will acquire the outstanding shares of common stock of Village Bancshares. Financial terms of the transaction were not disclosed.
“First National Bank of Waterloo and The Village Bank are two relationship-focused community banks that have rich histories, compatible cultures and shared commitment to helping our clients achieve financial success. We believe that we are stronger together and can better serve the needs of our customers and our communities through this merger. We also believe that The Village Bank customers will benefit greatly from the expanded products and resources First National Bank is able to bring to the table,” said Rick R. Parks, President and CEO, First National Bank of Waterloo.
As of March 31, First National Bank of Waterloo had total assets of approximately $803.1 million. The bank currently has 13 banking centers in central and southern Illinois and is serving customers in Waterloo, Columbia, Millstadt, O’Fallon, Effingham, Stewardson, Dupo, Smithton, Collinsville, Maryville and Swansea.
The Village Bank had total assets of $115.8 million and has three banking centers in St. Clair County serving customers in St. Libory, Marissa and New Athens.
The transaction is subject to closing conditions. The parties presently anticipate that the transaction will close in the fourth quarter of 2022.