First Trust & Savings Bank of Albany’s Merger with Morton Community Bank

Barack Ferrazzano represented First Trust & Savings Bank of Albany on the deal

First Trust & Savings Bank of Albany, Illinois executed its planned merger into Morton Community Bank of Morton, Illinois.

Hometown Community Bancorp, parent company of Morton, has agreed to buy the $182.7 million-asset First Trust from Albany Bancshares, Inc., parent company of First Trust. Expected to close in the fourth quarter of 2019, the merger will add four new locations to Morton and bring total assets of the employee-owned community bank to approximately $4.0 billion.

First Trust has four branches, $156 million in deposits, and $123 million in loans. This merger marks Hometown’s entry northwest of its existing operations, expanding into the Whiteside and Rock Island counties.

The merger will present a unique opportunity for First Trust employees to become part owners of Morton, an added benefit Morton takes pride in as an employee-owned bank. At the close of the transaction, the four First Trust locations will be rebranded as Clock Tower Community Bank and operate as a division of Morton. Online, Morton will continue to operate under the umbrella name of Hometown Community Banks.

Barack Ferrazzano’s team was led by John E. Freechack (Picture), Emily N. Henkel, and Nick M. Brenckman.

Involved fees earner: Nicholas Brenckman – Barack Ferrazzano; John Freechack – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: First Trust & Savings Bank of Albany;

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Author: Ambrogio Visconti