First Farmers State Bank To Merge With Bank Of Pontiac
The Barack Ferrazzano Financial Institutions Group is serving as legal counsel to Pontiac Bancorp, Inc., the parent company of Bank of Pontiac, in its purchase agreement with Minier Financial, Inc., the parent company of First Farmers State Bank.
First Farmers State Bank will merge into Bank of Pontiac, expanding the footprint of Bank of Pontiac with additional Illinois locations in Minier, Delavan and Bloomington. The merger of the Illinois-based community banks is expected to close toward the end of the first quarter of 2021, bringing the Bank of Pontiac’s assets to approximately $800 million.
“We are excited to team-up with First Farmers State Bank,” said Bill Kauffman, President and CEO of Bank of Pontiac. “We are committed to the local business community and are confident that this partnership will bring additional strength and opportunities to First Farmers State Bank’s market area.” (excerpt from joint press release)
Barack Ferrazzano’s legal team is led by Andrea L. Sill, Emily N. Henkel and Dennis R. Wendte. Executive compensation and benefits are being handled by Andrew K. Strimaitis and Andrew J. Gordon. Tax and business planning matters are being handled by Michael J. Towne and Alice Lin.
To read more about this deal, visit:
- Pontiac Daily Leader (December 2020): https://www.pontiacdailyleader.com/story/business/2020/12/04/first-farmers-state-bank-merge-into-bank-pontiac/3823774001/
- First Farmers PR (December 2020): https://firstfarmers.com/2020/12/first-farmers-state-bank-to-merge-with-bank-of-pontiac/
- Global Legal Chronicle (December 2020): http://www.globallegalchronicle.com/bank-of-pontiacs-merger-with-first-farmers-state-bank/