Overview
Barack Ferrazzano served as legal counsel to Hometown Community Bancorp, Inc. and its subsidiary, Morton Community Bank ("Morton"), in connection with its execution of a definitive agreement with Manhattan Bancshares, Inc. to acquire its subsidiary, First Bank of Manhattan and New Lenox.
Under the terms of the agreement, First Bank of Manhattan and New Lenox will merge into Morton Community Bank, with the transaction expected to close in the fourth quarter of 2026. The merger will add three locations to Morton's footprint, bringing the employee-owned community bank to 54 locations across 39 Illinois communities with nearly 600 employees and approximately $5.6 billion in total assets. The transaction is subject to customary closing conditions, including the receipt of regulatory and Manhattan Bancshares shareholder approvals.
"We are excited to continue to expand first-class banking services for businesses and consumers in the Lincoln-Way area," added Andy Honegger, President and Co-CEO of Morton Community Bank. "Manhattan employees will not only have expanded career opportunities within our Bank, but also the unique opportunity to become owners of the Bank through Morton's Employee Stock Ownership Plan (ESOP)."
Barack Ferrazzano's legal team was led by partner Abdul R. Mitha, along with associate Camryn C. Dreyer. Executive compensation and benefit matters were handled by partner Michael J. Poland.
To read more about this transaction, visit:
- Morton Community Bank | First Bank of Manhattan and New Lenox to Merge into Morton Community Bank
