FIG Has Now Advised On 22 Whole Bank Transactions Nationwide
Totaling Over $1.63 Billion Since 2015
ATLANTA, March 16, 2016 — First Community Financial Partners, Inc. (FCFP) and First Mazon Bancorp, Inc. have announced an agreement to merge Mazon State Bank into First Community Financial Bank.
Under the terms of the agreement, First Community Financial Partners, Inc. (First Community), the parent company of First Community Financial Bank, will pay $8.5 million to First Mazon Bancorp, Inc. (First Mazon) for the assets of Mazon State Bank (MSB). The agreement has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2016.
Founded in 1944, MSB operates three full-service banking offices in Mazon, Braidwood and Diamond, Illinois.The company is headquartered in Mazon and has total assets of $85 million. The communities MSB serves are contiguous to First Community Financial Bank’s existing markets. At December 31, 2015, MSB reported loans of $33 million, residential mortgage loans sold and serviced of $48 million, and $74 million in deposits, 99.59% of which are core deposits.
Michael C. Breisch, Chairman, President and CEO of Mazon State Bank, said, “Joining the First Community family will allow us to continue our high touch approach to community banking while giving our customers access to enhanced financial solutions and a more robust technology platform. Our aim was to find a strategic partner that shares our values and community focus. We found that in First Community and believe this partnership allows us to better meet the growing financial needs of our markets.”
More information about the merger agreement is available here.
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