Washington Savings Bank’s Acquisition of The First National Bank of Mattoon

Schiff Hardin LLP advised Washington Savings Bank on the deal, while Barack Ferrazzano advised The First National Bank of Mattoon.

Washington Savings MHC (“Washington Savings”), Washington Savings Bank (“Washington Savings Bank”) and The First National Bank of Mattoon, Illinois (“First National Bank”) announced  the execution of a definitive agreement under which First National Bank will merge with and into Washington Savings Bank.  The terms of the deal were not disclosed.

Washington Savings Bank provides personal banking, commercial banking, and trust and investment services in Effingham and Mattoon. Ill.

First National Bank is a wholly-owned subsidiary of MGB Bancshares, Inc. and has two banking facilities in Mattoon, Illinois and one banking facility in Lerna, Illinois.  First National Bank had total assets of $105.2 million at December 31, 2020.  In addition to traditional banking services, First National Bank also provides trust and investment services and wealth management services.

As of December 31, 2020, the combined banks would have had total assets of approximately $559.3 million and wealth management assets of nearly $100.0 million.

The transaction has been approved by each bank’s board of directors and is expected to close in the third quarter of 2021, subject to regulatory approvals, the approval of MGB Bancshares, Inc.’s stockholders, and the satisfaction of customary closing conditions.

The Schiff Hardin team included Lauralyn G. Bengel, Olga Bogush (Picture), Nicholas M. Tipsord and Jason L. Zgliniec.

Barack Ferrazzano advised The First National Bank of Mattoon with a team led by Emily N. Henkel and Katherine Fritzi Getz. Executive compensation and benefits are being handled by Andrew K. Strimaitis and Andrew J. Gordon.

Involved fees earner: Katherine Fritzi Getz – Barack Ferrazzano; Andrew Gordon – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano; Andrew Strimaitis – Barack Ferrazzano; Lauralyn Bengel – Schiff Hardin LLP; Olga Bogush – Schiff Hardin LLP; Nicholas Tipsord – Schiff Hardin LLP; Jason Zgliniec – Schiff Hardin LLP;

Law Firms: Barack Ferrazzano; Schiff Hardin LLP;

Clients: The First National Bank of Mattoon; Washington Savings Bank;

Martina Bellini

Author: Martina Bellini