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First Bank To Acquire Heritage State Bank

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The Barack Ferrazzano Financial Institutions Group served as legal counsel to First Bank (First National Bank of Carmi) in connection with its acquisition of Heritage State Bank, a subsidiary of HBancorp. Inc. The Illinois-based community banks jointly announced plans to merge. The closing is subject to customary conditions, including regulatory and shareholder approvals.

First Bank has nine branches in Carmi, Mount Carmel, and Grayville in Illinois and Princeton, Evansville, Mount Vernon, and Poseyville in Indiana, and Heritage State Bank’s three branches in Lawrenceville, Illinois, and Haubstadt and Vincennes in Indiana.

“It’s the perfect partnership. Both Heritage State Bank and First Bank have demonstrated strong commitment to support our agricultural communities in our markets,” says Alvin Fritschle, First Bank’s Chairman & CEO. “By creating innovative ways to take care of our clients, we’ve been by the side of our agricultural clients through good times and bad for a multitude of generations."

Barack Ferrazzano’s team was led by John E. Freechack, along with Abdul R. Mitha. Executive compensation and benefits were handled by Andrew J. Gordon. Tax matters were handled by Michael J. Towne and Megan E. Toal.

To learn more, visit the links below: https://www.myfirst.bank/heritage-state-bank-media-release?fbclid=IwAR0Z4YSI4Oz7cRT5KZC8RITbeya6qxDrVmOsMKmzoguxQo-aPp_eMua0L2U

About First Bank

Founded in 1893, First Bank has nine branches and specializes in delivering tailored and unexpected solutions to businesses, farmers, and families. Its holding company, Southern Illinois Bancorp, Inc., in Carmi, Illinois, has three other entities including First Insurance Agency, First Financial Services, and Southern Illinois Title.

To learn more, visit: https://www.myfirst.bank

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