First Secure Bank Group’s Acquisition of Wonder Bancorp

Barack Ferrazzano served as legal counsel to Wonder Bancorp, Inc. and its wholly owned subsidiary, State Bank, in the transaction.

First Secure Bank Group, Inc. (“First Secure”) comopleted the acquisition of Wonder Bancorp, Inc. and its wholly owned subsidiary, State Bank. The transaction will result in First Secure expanding its bank charters to include State Bank, in addition to First Secure Bank and Trust Co. and First Secure Community Bank.

Terms of the transaction are not being disclosed. Subject to customary regulatory approvals, the approval of Wonder Bancorp’s shareholders and the completion of various closing conditions, the transaction is expected to close in the fourth quarter of 2020 or in the first quarter of 2021.

State Bank, headquartered in Wonder Lake, Illinois, has eight branch offices in Illinois. As of September 30, 2020, it had approximately $225 million in assets, including approximately $170 million in loans, and approximately $226 million in deposits.

The Barack Ferrazzano team representing Wonder Bancorp and State Bank was led by partners Abdul R. Mitha (Picture), Brent McCauley, and John E. Freechack.

Involved fees earner: John Freechack – Barack Ferrazzano; Brent McCauley – Barack Ferrazzano; Abdul Mitha – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: State Bank; Wonder Bancorp, Inc.;

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Author: Ambrogio Visconti