Morton, Ill.-based Hometown Community Bancorp Inc. is acquiring Springfield, Ill.-based Marine Bancorp Inc., the holding company of Marine Bank.

Under the terms of the deal, Marine Bank will merge into Morton Community Bank, a subsidiary of Hometown Community Bancorp.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Dec. 1, 2021, and Dec. 1, 2022, averaged 150.18% of book and 152.83% of tangible book and had a median of 15.98x last-12-months earnings, on an aggregate basis.

Based on Market Intelligence data, with the completion of the deal, Hometown Community Bancorp will expand in Illinois by 11 branches to be ranked No. 18 with a 0.69% share of approximately $730.07 billion in total market deposits.

The merger is expected to occur in the second quarter of 2023, subject to customary closing conditions, including the receipt of regulatory and Marine Bancorp shareholder approvals. It will add 11 locations to the footprint of Morton Community Bank and bring the bank's total assets to about $5.75 billion, according to a Dec. 1 news release.

Financial terms of the deal were not disclosed.

Quinn Johnston was the legal counsel to Hometown Community Bancorp. Piper Sandler & Co. was financial adviser and Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as legal counsel to Marine Bancorp.

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