CNB Bank Shares has signed a definitive agreement to merge Jacksonville Bancorp with and into CNB Shares.

After the completion of the merger, Jacksonville Bancorp’s wholly-owned subsidiary Jacksonville Savings Bank will merge with and into CNB Bank & Trust (CNB B&T), the wholly-owned subsidiary of CNB Shares.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The transaction has an aggregate deal value of nearly $61.6m.

Headquartered in Carlinville of Illinois, CNB B&T operates 13 full-service branches with around $924m of assets.

Holding $337m in total assets, Jacksonville Savings Bank has four full-service branches and two limited service branches in central Illinois.

After completion of the deal, the combined entity will have nearly $1.25bn in pro forma assets and will continue to operate all branches.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Jacksonville Bancorp board chairman Andy Applebee said: “We are confident CNB will continue our community bank traditions while capitalising on the benefits that come with being a larger bank.

“We are pleased to be partnering with another local community bank that shares our deep commitment to customer service and community involvement.”

CNB B&T president Shawn Davis said: “This merger will not only be a good fit geographically for CNB, but also culturally as Jacksonville Savings Bank has diligently committed resources to staff training in the areas of quality service and product development.

The transaction, subject to customary closing conditions including shareholder and regulatory approvals, is expected to close in the second quarter of this year.

After closing, the two banks are expected to be merged in the fourth quarter of 2018 or first quarter of 2019.