Bank of Pontiac: Bill Kauffman, President and Chief Executive Officer – 815-844-6155
First Farmers State Bank: Brian Schroeder, President and Chief Executive Officer – 309-392-2623
December 1, 2020 –Bank of Pontiac, headquartered in Pontiac, Illinois, and First Farmers State Bank, headquartered in Minier, Illinois, announced today that First Farmers State Bank will merge into Bank of Pontiac. The transaction will add banking locations in Minier, Delavan and Bloomington to the footprint of Bank of Pontiac, which presently has offices throughout Livingston County as well as in Coal City. It will bring the assets of Bank of Pontiac 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.”
“After more than 145 years, it’s time to affiliate with an organization that we trust to continue to care for the banking needs of the communities we love,” said Craig Peine, Chairman of First Farmers State Bank. “We believe that the acquisition of First Farmers State Bank by Bank of Pontiac ensures the continuity and quality of banking services our customers deserve.”
“Beyond benefitting our customers, this is a win-win for both our staff and communities,” said First Farmers State Bank CEO Brian Schroeder. “As a larger community bank, Bank of Pontiac will open new doors for professional growth and development for our employees. Whether you’re talking about making loans, community donations, or simply good corporate citizenship, Bank of Pontiac has an outstanding record of commitment to the communities it serves. We’re sure that this will continue to be the case here in Minier, Delavan and Bloomington.”
Bill Kauffman added, “We’ve been impressed by the strong community bank that the First Farmers State Bank directors and employees have built over many years. This is a great opportunity for us to partner with another strong, like-minded bank, and we’re excited by the prospect of providing an expanded range of products and great customer service to our new customers. Bank of Pontiac is committed to continued growth and expansion in First Farmers State Bank’s market.”
The merger was announced as Pontiac Bancorp, Inc., the parent company of Bank of Pontiac, and Minier Financial, Inc., the parent company of First Farmers State Bank, jointly announced that they have entered into a Purchase Agreement for Pontiac Bancorp’s acquisition of First Farmers State Bank. Terms of the agreement are not being disclosed. The merger is subject to customary regulatory approvals, as well as the approval of Minier Financial, Inc.’s shareholders, and is expected to close late in the first quarter of 2021.
Barack Ferrazzano Kirschbaum & Nagelberg LLP served as Pontiac Bancorp, Inc.’s and Bank of Pontiac’s legal counsel, and Cummings & Company, LLC served as their financial advisor. Godfrey & Kahn S.C. served as legal counsel to Minier Financial, Inc. and First Farmers State Bank, and Olsen Palmer served as their financial advisor.