CNB Bank Shares, Inc. and Jacksonville Bancorp, Inc. Agree to Merge
The Barack Ferrazzano Financial Institutions Group is acting as legal counsel to CNB Bank Shares, Inc. (“CNB”) in connection with the merger agreement jointly announced today providing for CNB's acquisition of Jacksonville Bancorp, Inc. (“Jacksonville Bancorp”). In the months following this transaction, Jacksonville Savings Bank, the wholly-owned subsidiary of Jacksonville Bancorp, will merge into CNB Bank & Trust (“CNB B&T”), the wholly-owned subsidiary of CNB.
CNB B&T is headquartered in Carlinville, Illinois, with approximately $924 million in total assets as of September 30, 2017, and operates thirteen full-service branches throughout Illinois and St. Louis, Missouri. Jacksonville Savings Bank is headquartered in Jacksonville, Illinois, and operates four full-service branches and two limited-service branches throughout central Illinois. Jacksonville Savings Bank had approximately $337 million in total assets as of September 30, 2017. With approximately $1.25 billion in pro forma assets the combined bank resulting from this transaction will continue to operate all branches after closing.
CNB's acquisition of Jacksonville Bancorp is expected to close in the second quarter of 2018, and is subject to Jacksonville Bancorp shareholder approval, regulatory approval and other conditions set forth in the agreement. The merger of the two banks is anticipated to close in the fourth quarter of 2018 or the first quarter of 2019. The directors of CNB and Jacksonville Bancorp have unanimously approved the merger agreement.
Barack Ferrazzano’s team was led by Dennis R. Wendte, along with Abdul R. Mitha and Bill Fay. Executive compensation and benefits were handled by Andrew Strimaitis.
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CNB Bank Shares, Inc.
CNB Bank Shares, Inc. provides a full range of banking services to individual and corporate customers throughout south-central Illinois, suburban southwestern Chicago, and the St. Louis metropolitan area. The original institution was founded in Carlinville in 1888, expanding through four previous whole-bank acquisitions over the past 22 years, including one bank that was established in 1854. For all other information, visit www.cnbil.com.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to S&P Global Market Intelligence. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2018 report.