Dieterich Bank to Acquire Five Illinois Branches From First Bank
The Barack Ferrazzano Financial Institutions Group served as legal counsel to Dieterich Bank of Effingham, Illinois, in connection with its acquisition of five Illinois branches of First Bank, St. Louis, Missouri. The acquired branches have deposits of approximately $221 million and are located in Breese, Chester, Columbia, Red Bud, and Waterloo, Illinois.
Committed to the community banking culture supporting local businesses and residents, Dieterich Bank CEO Chuck Deters states, “This expansion aligns with the bank’s strategic initiative to seek growth opportunities, expand its footprint, and enhance shareholder value.” This acquisition will increase the Dieterich Bank franchise from 8 to 13 branch locations, and one additional branch will be opening in Edwardsville in March. Additionally, the bank plans to open a loan production office in South County St. Louis in the second quarter.
Subject to regulatory approval and the satisfaction of customary closing conditions, the transaction is scheduled to close in the third quarter of this year. The acquisition of these branches will increase Dieterich Bank’s assets from $786 million at the end of January 2020, to approximately $1 billion in assets at closing.
Barack Ferrazzano’s team was led by Dennis R. Wendte, along with Joseph T. Ceithaml, and Emily N. Henkel. Compensation & Employment matters were handled by Andrew K. Strimaitis. Real estate matters were handled by Christine K. Nichols.
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Dieterich Bank was chartered in 1909. It currently has eight branch locations and a corporate office located in Effingham, Illinois. The bank had assets of $786 million and 132 employees as of January 31, 2020.
To learn more about Dieterich Bank, visit: https://www.dieterichbank.com/about-us/our-story