The BFKN Financial Institutions Group served as legal counsel to Central Bancshares, parent company of CBI Bank & Trust, in its merger agreement with McLaughlin Holding Company, parent company of SENB Bank, whereby Central Bancshares will acquire McLaughlin Holding Company and merge SENB Bank into CBI Bank & Trust.
“We are excited to partner with SENB Bank,” Greg Kistler, President and CEO of Central Bancshares and CBI Bank & Trust said in a statement. “They share our core community banking philosophy: empowered local management and employees dedicated to serving our customers and communities.”
SENB Bank was founded in 1961 and has total assets of approximately $337 million. It currently serves the Quad Cities market in both Iowa and Illinois, as well as the state-line region of Illinois and Wisconsin. The transaction is subject to shareholder and regulatory approval and is anticipated to be completed in the third quarter of 2023.
BFKN’s legal team was led by partner Abdul R. Mitha and associate Zoe Xiuha Uvin. Executive compensation & benefits were handled by partner Andrew K. Strimaitis and associate Alex Freund. Tax considerations of the transaction were handled by partners Michael J. Towne and Alice Lin.
To read more about this announced merger transaction, visit: