First Trust Financial Corp. to Acquire Prairie State Bancorp, Inc.
Barack Ferrazzano's Financial Institutions Group represented Prairie State Bancorp, Inc., the holding company for Farmers State Bank of Danforth, in connection with a pending acquisition that will merge Farmers State Bank of Danforth into First Trust Bank of Illinois – a First Trust Financial Corp. unit – which will operate under the name First Trust Bank.
Expected to close in the fourth quarter of 2019, the transaction will expand First Trust into Danforth and Aroma Park, Illinois. Currently, First Trust Bank has locations in Kankakee, West Kankakee, and Bourbonnais, Illinois. Regarding the deal, Farmers State Bank chairman Steve Lemenager stated, “Partnering with a respected, successful community-focused bank like First Trust Bank will ensure our customers and communities will continue to receive the banking services they deserve for generations to come.”
Terms of the deal were not disclosed. The merger has been approved by parent companies First Trust Financial Corp. and Prairie State Bancorp, Inc. The transaction is anticipated to increase First Trust's assets by $300 million.
Barack Ferrazzano’s team was led by John E. Freechack and Emily N. Henkel. Executive compensation and benefits were handled by Andrew K. Strimaitis.
About Farmers State Bank of Danforth
Established in 1915, Farmers State Bank of Danforth is a subsidiary of Prairie State Bancorp, Inc. Headquartered in Danforth, Illinois, Farmers State has an additional branch location in Aroma Park, Illinois.
To learn more, visit: https://www.fsbdanforth.com/index.php/history