Fisher, Ill.-based Fisher Bancorp Inc., the parent company of Fisher National Bank, agreed to acquire Catlin, Ill.-based Butler Point Inc. and unit Catlin Bank.

The transaction is expected to close in the first quarter of 2023.

Financial terms of the deal were not disclosed in the Oct. 11 news release. S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Oct. 11, 2021, and Oct. 11, 2022, averaged 147.50% of book and 152.72% of tangible book and had a median of 15.98x last-12-months earnings, on an aggregate basis.

Upon the completion of the deal, Fisher Bancorp will enter the Vermilion County, Ill., market through Butler Point and Catlin Bank locations in Catlin, Ill., and Georgetown, Ill. On a pro forma basis, Fisher Bancorp will have five full-service banking branches and total assets of about $293 million, based on data as of June 30, according to the news release.

Based on Market Intelligence data, with the completion of the deal, Fisher Bancorp will enter Vermilion County with two branches to be ranked sixth with a 4.75% share of approximately $1.59 billion in total market deposits.

Catlin Bank President Jeff Fauver will be the Catlin community president and a member of Fisher National Bank's board. Shanna Fisher will continue her role as vice president of lending.

Ryan Heiser, CEO of Fisher National Bank, will continue in that capacity.

Olsen Palmer LLC was financial adviser to Catlin Bank, and Godfrey Kahn SC served as legal adviser to the bank. Brown Hay & Stephens LLP was the legal adviser to Fisher Bancorp.

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