MENDOTA — Lincoln Bancorp Inc. of Rochelle will merge with Tri‑County Financial Group Inc. of Mendota.
Timothy J. McConville, president and CEO of Tri‑County Financial Group Inc., and Richard K. Ohlinger, president and CEO of Lincoln Bancorp Inc., announced on Feb. 11 the companies have entered into a definitive agreement under which Lincoln will be acquired by Tri‑County.
In addition, Lincoln State Bank S.B. will merge its operations with Tri‑County’s affiliate, First State Bank, which has 18 facilities including six in Bureau, LaSalle and Putnam counties.
The board of directors of both financial institutions have unanimously approved the transaction. As is customary in transactions of this type, the combination is subject to approval by the shareholders of Lincoln, the Federal Reserve Bank of Chicago, the Illinois Department of Financial and Professional Regulation and the FDIC.
“We look forward to building upon Lincoln’s culture of community engagement while also adding a wide range of new services,” said McConville. “This acquisition is also in keeping with our plan for strategic growth – strengthening First State Bank’s position as a premier community bank in northern and central Illinois.”
“We are proud of our heritage as a community bank focused on customers in our back yard,” said Brent Ohlinger, president of the wholly owned subsidiary Lincoln State Bank “This combination will provide the capital, infrastructure and resources necessary to continue to build upon the high level of service our customers have come to expect.”
Tri‑County has about $900 million in assets, and Lincoln has about $50 million in assets, the companies report. The transaction is expected to be completed during the second quarter of 2013.
According to its website, First State Bank has facilities in LaMoille, Mendota, Peru, McNabb, Ottawa, Streator, Bloomington, Batavia, Shabbona, St. Charles, Geneva, Batavia, North Aurora, Waterman, and DeKalb.