Royal Savings Bank has reached an agreement to purchase two Illinois State Bank branches from North Shore Bank.

Located in the Illinois cities of Lake in the Hills and McHenry, the two branches will add almost $42m in deposits and significantly all of the fixed assets to Royal Savings’ books.

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The two parties will collaborate to ensure a hassle-free transfer for customer accounts and associates to Royal Savings.

With the addition of two offices, Royal Savings will have a network of 11 branches as well as two loan production offices in the greater Chicago market.

Commenting on the deal, Royal Savings president and CEO Leonard Szwajkowski said: “The acquisition will allow Royal Savings to increase its deposit market share in the greater Chicagoland and Metropolitan area and expand its geographic footprint with entry into McHenry County, while at the same time providing additional retail deposit funds for reinvestment and growth of our balance sheet.

“We look forward to serving McHenry County’s banking needs and providing personal and commercial deposit and loan products.”

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Royal Financial chairman of board of directors Jim Fitch stated: “Royal Financial is focused on increasing shareholder value through profitable growth by organic means and by acquisition.

“This announcement is the fourth transformative acquisition since 2015 by the Royal Savings organisation, which our management team accomplished skilfully and efficiently.”

The deal, which already secured the nod of the two banks’ boards, is pending regulatory approvals. It is scheduled to complete in the first quarter of next year.