Griggsville Bancshares, Inc. (“GBI”), the parent company of Farmers National Bank of Griggsville, and Scott Morgan Bancorp, Inc (“SMBI”), the parent company of Bank of Bluffs, today announced they have entered into a definitive agreement pursuant to which GBI will acquire SMBI and merge Farmers National Bank of Griggsville and Bank of Bluffs, together.
The boards of directors and executives of both companies believe that the transaction will create a strong partnership, bringing together two compatible, community-oriented banking institutions.
Farmers National Bank of Griggsville President and CEO Douglas W. Smith stated, “We are extremely pleased to join forces with Bank of Bluffs. Bank of Bluffs shares our core community philosophy: empowered local management and employees dedicated to serving our customers and communities. This agreement will also allow the combined bank to expand its market share in West Central Illinois.”
“This is a tremendous opportunity for the Bank of Bluffs. We are excited to partner with Farmers National Bank of Griggsville to create even more opportunities to better serve our customers, employees, and communities, “remarked Dennis Weger, President and CEO, Bank of Bluffs.
The transaction is subject to shareholder and regulatory approval and is anticipated to be completed in the second quarter of 2025. Terms of the transaction were not disclosed.
Angkor Strategic Advisors served as financial advisor and Howard & Howard served as legal counsel to GBI in connection with the transaction. Cummings & Company, LLC served as financial advisor and Hinshaw & Culbertson, LLP served as legal counsel for SMBI.
