Springfield-based Town and Country Financial Corp. has agreed to a merger with West Plains Investors, the organization that owns Premier Bank of Jacksonville.
Premier Bank CEO and President Paul White confirmed the signed definitive agreement with WLDS/WEAI News on Thursday and hopes the closing conditions will be finalized by March of 2016.
With the regulatory burden of a struggling economy, White felt merging two banks with the same philosophies was the best decision to make.
White noted that once the deal is confirmed, the acquisition is expecting to combine Town and Country’s assets of $515 million and Premier Bank’s $196 million in assets to total more than $700 million.
Premier Bank has additional branches in Waverly, White Hall and Edwardsville, while Town and County has nine locations across central Illinois.