Daily News: October 10, 2019

First Waterloo to Acquire Best Hometown Bancorp

First Waterloo Bancshares will acquire all of the outstanding shares of common stock of Collinsville, IL-based Best Hometown Bancorp.

“We are excited about the opportunity to partner with Best Hometown Bank. The bank has been serving the Collinsville and neighboring communities for more than 132 years. Best Hometown Bank is a true community bank and has been built upon tradition and strong core values,” said Gary D. Hemmer, president & CEO, First National Bank of Waterloo.

“This is a unique opportunity for Best Hometown Bank to partner with an organization that operates with a similar philosophy as Best Hometown Bank. First National Bank of Waterloo has a long-standing history and is very community focused. We look forward to offering our customers additional new products and services,” said Ron Shambaugh, president & CEO, Best Hometown Bank.

As of September 30, 2019, First National Bank of Waterloo had total assets of approximately $485 million. The bank currently has 11 banking centers in central and southern Illinois. Best Hometown Bank had total assets of $115 million and has two banking centers in Madison County, IL.

The transaction is expected to enable First National Bank of Waterloo and Best Hometown Bank to:

  • Create a financially strong, well-capitalized, community bank
  • Provide a full array of competitive products and services for consumers and businesses
  • Maintain a banking organization built upon traditions and values
  • Offer growth and career opportunities for employees
  • Be better positioned to respond to future challenges

The transaction is subject to certain closing conditions, including the approval of the appropriate regulatory authorities and of the shareholders of Best Hometown Bancorp. The parties presently anticipate that the transaction will close in the first quarter of 2020.

Sandler O’Neill + Partners, served as financial advisor, and Bryan Cave Leighton Paisner served as legal counsel to First Waterloo Bancshares. Raymond James served as financial advisor, and Howard & Howard Attorneys, served as legal counsel to Best Hometown Bancorp.