Bank mergers announced in Midwest, Carolinas

Star Bank in Maple Lake, Minnesota, with $380 million in assets, has applied to buy $189 million-asset Community Development Bank in Hancock, Minnesota. The purchase is expected to close in late March.

The $539 million-asset Peoples Bank and Trust in Pana, Illinois, has agreed to buy $123 million-asset Arcola First Bank in Arcola, Illinois. The deal is expected to close in late spring or early summer.

Dogwood State Bank in Raleigh, North Carolina, has agreed to buy Community First Bancorp in Seneca, South Carolina. The $1.4 billion-asset Dogwood State Bank said in a press release that it will pay stock for the $685 million-asset Community First. The deal is expected to close in the second half of this year.

M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from