Blackhawk Bancorp, Inc., holding company for Blackhawk Bank, announced today the signing of a definitive merger agreement with First McHenry Corporation, parent company of First National Bank of McHenry, McHenry, Ill., under which Blackhawk Bancorp has agreed to acquire 100 percent of the common stock of First McHenry.
Under the terms of the agreement, Blackhawk will pay First McHenry shareholders $23.0 million in aggregate cash consideration. FNB McHenry had approximately $175 million in assets, $45 million in loans, and $160 million in deposits at June 30, 2018.
The merger agreement has been unanimously approved by the Board of Directors of both Blackhawk Bancorp and First McHenry, and the acquisition is expected to close in the first quarter of 2019. The transaction is subject to customary conditions, including regulatory approval and approval by the shareholders of First McHenry.
Blackhawk CEO Todd James added, "We are enthusiastic about this partnership and look forward to continuing and enhancing the commitment to the communities in which FNB McHenry operates. We intend to continue operating each of FNB McHenry's offices and bring our unique and successful approach to banking to FNB McHenry's market helping more businesses and residents meet their financial needs."
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