Western Illinois Bancshares, Inc., the parent company of Midwest Bank, and Main Street Bancorp, Inc.,
the parent company of Princeville State Bank, jointly announced the signing of an Agreement and
Plan of Merger. Pursuant to the agreement, Main Street Bancorp will be merged into Western Illinois
Bancshares in an all-stock transaction, with Western Illinois Bancshares becoming the surviving entity.
Both Midwest Bank and Princeville State Bank will continue to operate as independent, separately
chartered banks after the transaction is finalized. Together, they will have a combined total asset base of
approximately $800 million.
Andrew Black, President and CEO of Princeville State Bank, commented, “Western Illinois Bancshares
stood out as a good partner for our shareholders, customers and the communities we serve. We are both
committed to community banking, and we share similar cultures and values. We are excited about the
additional services this partnership will bring to our customers.”
“Main Street Bancorp is a great fit for our company as they share our vision for strategic growth and the
establishment of a community centered financial services model,” said Chris Gavin, CEO of Midwest Bank.
“Community banks are the backbone of small business and agriculture in west central Illinois. We look to
build on these relationships through our insurance, wealth management and other financial services. Our
personalized approach, coupled with the latest technology, makes us a great choice. We are excited to
welcome the customers of Princeville State Bank to the Western Illinois Bancshares family.”
From a strategic perspective, the merger provides many benefits to both banks’ shareholders, including:
- Overall expense reductions through combined functions and elimination of duplicate vendor
contracts. - A broader range of financial products and services for our customers, which will lead to
increased non-interest income. - Expectations for improved operating and financial performance.
The transaction has been approved by the board of directors of each entity and is expected to close prior
to the end of this year, subject to customary closing conditions including regulatory approvals and Main
Street Bancorp shareholder approval.
Midwest Bank, formerly the National Bank of Monmouth, was established on September 9, 1870, and
operates across eight banking and insurance locations spanning six counties. Midwest Bank offers a wide
range of business and personal financial solutions, insurance, trust and wealth management services in
addition to an array of electronic banking services. For more information visit www.mbwi.com.
Princeville State Bank was established on April 15, 1950, and operates two locations, Princeville and
Peoria. Princeville State Bank offers both consumer and business financial products including wealth
management as well as many electronic banking solutions. For more information visit www.p-s-b.com.
Dickinson Wright, PLLC served as legal counsel to Western Illinois Bancshares, Inc. Gerrish Smith Tuck, PC
served as legal counsel to Main Street Bancorp, Inc. D.A. Davidson & Co. served as a financial advisor to
both Western Illinois Bancshares, Inc. and to Main Street Bancorp, Inc. Terms of the transaction were not
disclosed.
Western Illinois Bancshares contact:
Chris Gavin, President
309-457-2227
Main Street Bancorp contact:
Andrew Black, President / CEO
309-385-4375
***Courtesy of Midwest Bank Vice President & Chief Retail Officer, Sara Bockelman***
