Update: The deal announced in November 2019 has been completed. Read below to learn more about this transaction.
November 1, 2019 - Globe Newswire Press Release
Tri-County Financial Group, Inc. and H.F. Gehant Bancorp, Inc. Announce Merger
The Barack Ferrazzano Financial Institutions Group acted as legal counsel to H.F. Gehant Bancorp, Inc. in connection with its definitive merger agreement with Tri-County Financial Group, Inc. (OTCQX: TYFG), in which Tri-County will acquire its subsidiary H.F. Gehant Banking Co. Per the definitive agreement, each party’s banking subsidiaries – H.F. Gehant Banking Co. and First State Bank – will merge and subsequently operate under the First State Bank name.
This merger will bring together two long-standing Illinois community banking institutions. H.F. Gehant Banking Co. has approximately $59 million in total assets, with locations in West Brooklyn and Triumph, Illinois. First State Bank has approximately $1.137 billion in total assets with locations in Mendota, Batavia, Bloomington, Geneva, Lamoille, McNabb, North Aurora, Ottawa, Peru, Princeton, Rochelle, Shabbona, St. Charles, Streator, Sycamore, and Waterman, Illinois.
President and CEO of H.F. Gehant Bancorp, Inc., Bill Gehant notes the anticipated outcome stating, “We believe that this transaction will be beneficial to our shareholders, customers and employees, and it will allow us to offer a broader array of banking services to our customers.”
Terms of the deal were not disclosed. Subject to shareholder and regulatory approvals, and satisfaction of certain closing contingencies, the consolidation is expected to be completed in the first or early second quarter of 2020.
Barack Ferrazzano’s team was led by Robert M. Fleetwood, Brent McCauley, and Neil R. Patel.
To learn more about this transaction, visit: https://www.globenewswire.com/news-release/2019/11/01/1939702/0/en/Tri-County-Financial-Group-Inc-and-H-F-Gehant-Bancorp-Inc-announce-agreement-and-plan-of-merger.html
About H.F. Gehant Bancorp, Inc.
H.F. Gehant Bancorp, Inc. is the holding company of H.F. Gehant Banking Co. Since 1897 Gehant Bank has offered security and stability to its customers as a full-service financial institution. Proud of its history of service, Gehant Bank is committed to providing excellent customer service, a wide array of competitive banking products, and integration of technology to best serve clients.
To learn more, visit: https://gehantbank.com/