Independent Bank in Grand Rapids, Michigan, has agreed to buy HCB Financial in Hastings, Michigan. The $5.5 billion-asset Independent said in a press release that it will pay $70.2 million in cash and stock for the $590 million-asset HCB. The deal, which is expected to close in the third quarter, priced HCB at 148% of its tangible book value.
Oregon Coast Bank in Newport has agreed to buy Connect Community Bank in Raymond, Washington. The $449.6 million-asset Oregon Coast said in a press release that it plans to buy the $76.7 million-asset Connect in the second quarter. The price wasn’t disclosed.
First State Bancorp in Caruthersville, Missouri, has agreed to buy Senath Bancshares in Senath, Missouri. The holding company for the $642 million-asset First State Bank and Trust did not disclose how much it will pay for the parent of the $105.6 million-asset Senath State Bank.
Midwest Heritage in West Des Moines, Iowa, has agreed to buy Iowa Savings Bank in Carroll. Jeremy Gosch, chairman and CEO of Hy-Vee Company, disclosed the acquisition of the $290.4 million-asset Iowa Savings in a LinkedIn post. The acquisition would be the first for the $491.6 million-asset Midwest, which is a part of Hy-Vee. The price wasn’t disclosed.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
