Petefish, Skiles Bancshares is getting ready to expand its holdings.
The parent of Petefish, Skiles & Company Bank has announced yesterday that they have entered into an agreement with Mascouten Bancorp, Incorporated to acquire the First National Bank of Beardstown as a part of a merger, subject to customary regulatory approval.
Upon completion of the transaction, Petefish, Skiles will add locations in Cass, Morgan, and Scott counties. The merger will include locations in Beardstown, Winchester, and Murrayville.
According to a press release, the company will on a pro forma basis have a combined total amount of assets at $470 million with full-time banking locations in Cass, Morgan, Mason, Menard, and Scott counties.
First National Bank of Beardstown will continue to operate independently as a subsidiary of Petefish, Skiles until a later date upon completion of the merger.
The acquisition is expected to be completed some time in the fourth quarter of this year.