Franklin Bancshares, Inc. has been acquired by Galva Investment, Inc.
THE TRANSACTION
Galva Investment, Inc. (“Galva”), the parent company of Community State Bank, of Galva, Illinois has acquired Franklin Bancorp, Inc. and its wholly-owned subsidiary, Franklin Bank, of Franklin, Illinois (collectively “Franklin”). Financial terms of the transaction were not disclosed.
Franklin Bank, with total assets of approximately $37.4 million, operates one banking office in Franklin. Community State Bank, with assets of approximately $163.2 million, operates branch offices in Galva, Kewanee and Neponset, as well as, a loan production office in Waverly, Illinois. Franklin Bank’s office will become a branch of Community State Bank.
Our Client
FRANKLIN BANCSHARES, INC.
Franklin Bancshares, Inc. was the bank holding company for Franklin Bank (the “Bank”). Franklin was an independent and locally-owned bank, founded in 1886 with one location in Franklin, IL. As of June 30, 2015, the Bank had assets of $37.4 million, gross loans of $20.5 million, deposits of $32.6 million, and shareholders’ equity of $4.4 million.
Transaction Partner
GALVA INVESTMENT, INC.
Galva Investment, Inc. is the bank holding company for Community State Bank. As of June 30, 2015, Community State Bank had assets of $163.2 million, gross loans of $117.1 million, deposits of $143.4 million, and shareholders’ equity of $16.5 million.
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