The BFKN Financial Institutions Group is serving as legal counsel to The First National Bank of Mattoon, Illinois (“First National Bank”), a wholly-owned subsidiary of MGB Bancshares, Inc., in its definitive merger agreement with Washington Savings Bank, a wholly-owned subsidiary of Washington Savings MHC.
First National Bank will merge with and into Washington Savings Bank, increasing its community banking presence in the Mattoon area, while also significantly enhancing the wealth management capabilities of Washington Savings Bank. The merger is expected to close in the third quarter of 2021, bringing Washington Savings Bank’s total assets to approximately $560 million and wealth management assets to nearly $100 million.
Preston Smith, Chief Executive Officer of First National Bank, said, “We are excited to partner with a strong community bank like Washington Savings Bank. We believe that this combination provides an opportunity for us to provide an expanded range of products and services to our customers while maintaining the high quality of customer service that our customers have come to expect.” (excerpt from joint press release)
BFKN’s legal team is led by Emily N. Henkel and Katherine Fritzi Getz. Executive compensation and benefits are being handled by Andrew K. Strimaitis and Andrew J. Gordon.