MENDOTA – Timothy J. McConville, president and CEO of Tri-County Financial Group, Inc. (“Tri-County”), and Richard K. Ohlinger, president and CEO of Lincoln Bancorp, Inc. (“Lincoln”), are pleased to announce that the companies have entered into a definitive agreement under which Lincoln will be acquired by Tri-County. In addition, Lincoln State Bank, S.B. will merge its operations with Tri-County’s affiliate, First State Bank.
The board of directors of both financial institutions have unanimously approved the transaction. As is customary in transactions of this type, the combination is subject to approval by the shareholders of Lincoln, the Federal Reserve Bank of Chicago, the Illinois Department of Financial and Professional Regulation and the FDIC.
Tri-County has approximately $900 million in assets and Lincoln has about $50 million in assets, the companies reported. The transaction is expected to be completed during the second quarter of 2013.
For the complete article see the 02-20-2013 issue.
Click here to purchase an electronic version of the 02-20-2013 paper.