Petefish, Skiles Bancshares, Inc. to acquire First National Bank of Beardstown
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Petefish, Skiles Bancshares, Inc. (“Petefish”), parent of Petefish, Skiles & Co., and Mascouten Bancorp, Inc., the holding company of the First National Bank of Beardstown (together “Beardstown”), jointly announced today that they have entered into an agreement and plan of merger whereby Petefish will acquire the First National Bank of Beardstown from Mascouten Bancorp, Inc. subject to customary regulatory and other approvals.
Upon the completion of the transaction, Petefish will add locations to Cass and Morgan counties, in which it already has banking facilities, and furthermore will add the Scott County market via Beardstown’s location in Winchester.
On a pro forma basis, Petefish will have combined total assets of approximately $470 million, based on data as of March 31, and will have full‐ service banking locations in Cass, Morgan, Mason, Menard, and Scott counties. First National Bank of Beardstown will continue to operate independently as a subsidiary of Petefish until a later date when it is merged into Petefish, Skiles & Co. “The ideal partner for Petefish is the First National Bank of Beardstown because our banks share similar values that focus on prioritizing our customers, employees, and communities.
Together, we have the ability to expand on these long‐standing traditions of providing strong customer service and community support” stated Paul Reynolds, President & CEO of Petefish, Skiles & Co. “The First National Bank of Beardstown, Murrayville and Winchester is pleased to be entering into this agreement with Petefish, Skiles and Co. This merger gives us the opportunity to be a part of one of the largest, and yet conservative, locally owned community banks in the area. It allows us to continue offering our customers the very latest in products, services and technologies while maintaining our current staff who will continue to uphold a high level of customer service standards,” remarked Scott Musch, President & CEO, First National Bank of Beardstown.
The acquisiƟon, which is subject to customary closing condiƟons, is expected to be completed in the fourth quarter of 2023. About Petefish Skiles Bancshares, Inc. Petefish Skiles Bancshares, Inc. is the bank holding company for Petefish, Skiles & Co. Bank, a community bank based in Virginia, Illinois. The bank was founded in 1870 and operates four (4) full‐service branch offices, located in Virginia, Petersburg, Havana, and Jacksonville.
As of March 31, Petefish, Skiles & Co. had total assets of $284 million. For more information on Petefish, Skiles & Co. please visit www.petefishskiles.com.
About Mascouten Bancorp, Inc. Mascouten Bancorp, Inc. is the bank holding company for First National Bank of Beardstown, a community bank based in Beardstown, Illinois. The bank was founded in 1887 and operates three full‐service branch offices, located in Beardstown; Winchester; and Murrayville.
As of March 31, First National Bank of Beardstown had total assets of $182 million. For more information on First National Bank of Beardstown please visit www.bankingyoufirst.com.
