STEWARDSON — Gary D. Hemmer, president and CEO, First National Bank of Waterloo and its parent company, First Waterloo Bancshares, Inc., and John N. Richards, president and CEO, Prairie National Bank and its parent company, Prairie Financial Bancorp, Inc., have announced the signing of a stock purchase agreement, pursuant to which First Waterloo Bancshares will acquire all of the outstanding shares of common stock of Prairie National Bank, Stewardson, for consideration consisting of cash and stock of First Waterloo Bancshares.
“We are excited about the opportunity to partner with Prairie National Bank. The bank has been serving the Stewardson and Effingham area since 1928. Prairie is a true community bank and has been built upon tradition and strong core values,” said Hemmer.
“This is a unique opportunity for Prairie to partner with an organization that operates with a similar philosophy as Prairie. First National Bank of Waterloo has a long-standing history and is very community focused. We look forward to offering our customers new products and services and increased lending limits through our partnership with First National Bank of Waterloo,” said Richards.
As of June 30, 2014, First National Bank of Waterloo had total assets of approximately $389 million. The bank currently has six banking centers serving Waterloo, Columbia, Millstadt, and O’Fallon, Illinois. Prairie National Bank had total assets of approximately $55 million as of June 30, 2014. The bank has two banking centers serving central Illinois in Stewardson and Effingham.
The transaction is expected to enable First National Bank of Waterloo and Prairie National Bank to:
- Create a financially strong, well-capitalized, community bank
- Provide a full array of competitive products and services for consumers and businesses
- Maintain a banking organization built upon traditions and values
- Offer growth and career opportunities for employees
- Be better positioned to respond to future challenges
The transaction is subject to certain closing conditions, including the approval of the appropriate regulatory authorities and of the shareholders of Prairie Financial Bancorp, Inc. The parties presently anticipate that the transaction will close in the first quarter of 2015.