Jacksonville Bancorp was advised by the investment banking firm of D.A. Davidson & Co., and the law firm of Luse Gorman, PC. CNB Shares was advised by the investment banking firm of Keefe, Bruyette and Woods, Inc. and the law firm of Barack Ferrazzano Kirschbaum & Nagelberg LLP. Castle Creek was advised by the law firm of Sidley Austin LLP. In addition, Keefe, Bruyette and Woods, Inc. acted as placement agent in conjunction with the offering by CNB Shares.
In the months following this transaction, Jacksonville Savings Bank, the wholly-owned subsidiary of Jacksonville Bancorp, will merge into CNB Bank & Trust (“CNB B&T”), the wholly-owned subsidiary of CNB.
CNB B&T is headquartered in Carlinville, Illinois, with approximately $924 million in total assets as of September 30, 2017, and operates thirteen full-service branches throughout Illinois and St. Louis, Missouri. Jacksonville Savings Bank is headquartered in Jacksonville, Illinois, and operates four full-service branches and two limited-service branches throughout central Illinois. Jacksonville Savings Bank had approximately $337 million in total assets as of September 30, 2017. With approximately $1.25 billion in pro forma assets the combined bank resulting from this transaction will continue to operate all branches after closing.
CNB’s acquisition of Jacksonville Bancorp is expected to close in the second quarter of 2018, and is subject to Jacksonville Bancorp shareholder approval, regulatory approval and other conditions set forth in the agreement. The merger of the two banks is anticipated to close in the fourth quarter of 2018 or the first quarter of 2019. The directors of CNB and Jacksonville Bancorp have unanimously approved the merger agreement.
Barack Ferrazzano’s team was led by Dennis R. Wendte (Picture), along with Abdul R. Mitha and Bill Fay. Executive compensation and benefits were handled by Andrew Strimaitis.
Law Firms: Barack Ferrazzano;
Clients: CNB Bank Shares, Inc.;