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.
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.
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.