Reynolds State Bank has agreed to be acquired by Peoples National Bank of Kewanee. Financial terms of the deal were not disclosed. The agreement is contingent upon the approval of bank regulatory agencies and will likely close in the first quarter of 2021.
Olsen Palmer LLC served as financial advisor to Reynolds State Bank.
Peoples National Bank of Kewanee, which is a unit of the Peoples Financial Corp. of Illinois Inc., will increase its total assets by about $100 million, resulting in approximately $500 million in total assets after the acquisition is complete.
Reynolds State Bank President Norman Wait said “Peoples National Bank of Kewanee has positioned itself much like Reynolds State Bank, being committed to a strong and safe Community Bank with an excellent reputation in the communities they serve.”
Olsen Palmer LLC is a top 2-ranked bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.
OLSEN PALMER ADVISES REYNOLDS STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY PEOPLES NATIONAL BANK OF KEWANEE