SPRINGFIELD, Ill., Oct. 01, 2015 (GLOBE NEWSWIRE) -- Town and Country Financial Corporation (“TCFC”) (OTC Pink:TWCF), the holding company for Town and Country Bank (“TCB”), and West Plains Investors, Inc. (“WPI”), the holding company for Premier Bank of Jacksonville (“Premier”) are pleased to jointly announce the signing of a definitive agreement pursuant to which TCFC will acquire WPI, and Premier will be merged into TCB. The transaction has been unanimously approved by both companies’ boards of directors and completion is subject to customary closing conditions, regulatory approval, and approval by WPI shareholders. Under the terms of the agreement, the $515 million-asset TCFC will pay all cash for WPI. Other terms were not disclosed. The transaction is expected to close in the first quarter of 2016.
Premier is headquartered in Jacksonville, Illinois, approximately 30 miles west of Springfield, Illinois, with total assets of approximately $196 million as of June 30, 2015. Premier operates four full-service branches in Jacksonville, Waverly, White Hall, and The EDGEBANK (a branch of Premier) in Edwardsville, Illinois. With projected combined assets exceeding $700 million, TCB will rank among the top locally-owned banks serving downstate Illinois.
Micah R. Bartlett, President & CEO of TCFC commented, “We are delighted to join these two sound organizations and their customers together. At Town and Country Bank, we believe we are only successful when our clients are successful. We embrace innovation and look forward to offering greater lending capacity, enhanced products, services, and technology, and additional locations, all with a unique and community-focused team of bankers who work for the good of their customers. The merger will allow us to further expand in central Illinois and into the metro-east market of St. Louis. We welcome our new clients and the communities represented by Premier and The EDGEBANK to the Town and Country family.”
David E. Kirschner, Executive Chairman of TCFC stated, “TCFC is a growing company. This is a significant expansion for us and represents the 6th acquisition in our 54 year history. The combination will benefit our combined customers, employees, and communities for years to come. The transaction will also enhance the value to our shareholders, as the acquisition is expected to be immediately accretive to earnings per share.”
“In Town and Country, we have found a partner that mirrors our values and commitment to community banking and to remaining close to our customers,” said Premier Bank President and CEO Paul White. “Our strong philosophical alignment will benefit our customers and our employees, who will be able to tap and apply resources and opportunities of a larger organization.” Kent Weber, President of The EDGEBANK, added, “This move sustains our community banking momentum, provides resources for growth, and ensures a bright future for our team members and for the customers we serve.”
Todd Green, Chairman of the Board of WPI, noted, “Premier Bank has enjoyed a long track record of growth by successfully serving the financial needs of our clients, while also creating value for WPI owners. We are excited to join forces with a strong organization like TCFC to continue that success.”
About Town and Country Financial Corporation. Town and Country Financial Corporation is a financial holding company headquartered in Springfield, Illinois with $515 million in total assets as of June 30, 2015. Its shares are quoted on OTC Pink under the symbol TWCF. Its subsidiaries include Town and Country Bank and Town & Country Banc Mortgage Services, Inc. with nine offices in Buffalo, Decatur, Lincoln, Mt. Zion, Springfield, and Peoples Prosperity Bank (a division of Town and Country Bank) in Quincy, Illinois. The company provides comprehensive lines of retail, commercial, agricultural, and mortgage banking, as well as trust and investment services to families, businesses and organizations. For more information about TCFC, visit www.townandcountrybank.com
About West Plains Investors, Inc. West Plains Investors, Inc. is the holding company for Premier Bank of Jacksonville, Illinois with $196 million in total assets as of June 30, 2015, and four offices in Jacksonville, Waverly, White Hall, and The EDGEBANK (a branch of Premier Bank of Jacksonville) in Edwardsville, Illinois. For more information about WPI, visit www.premierbanksonline.com
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Source:Town and Country Financial Corporation