Western Illinois Bancshares, Inc. and Main Street Bancorp, Inc. Announce Merger Plans
Western Illinois Bancshares, Inc., the parent company of Midwest Bank, and Main Street Bancorp, Inc., the parent company of Princeville State Bank, jointly announced today the completion of their planned merger. Effective January 1, 2025, Main Street Bancorp has been merged into Western Illinois Bancshares in an all-stock transaction, with Western Illinois Bancshares becoming the surviving entity. Both Midwest Bank and Princeville State Bank will continue to operate as independent, separately charted banks after the transaction is finalized. Together, they will have a combined total asset base of approximately $800 million.
Andrew Black, President and CEO of Princeville State Bank, commented, “We are excited to have the merger completed. Western Illinois Bancshares is an ideal partner for our shareholders, customers, and the communities we serve. We both share a deep commitment to community banking and uphold similar cultures and values.”
Chris Gavin, CEO of Midwest Bank, stated, “As we progressed through the merger process, it became clear that Main Street Bancorp is an ideal fit, aligning with our vision for growth and community-focused financial services. This partnership strengthens ties with small businesses and agriculture in west central Illinois while enhancing offerings such as insurance, wealth management, and other solutions. We eagerly welcome Princeville State Bank customers to the Western Illinois Bancshares family.”
From a strategic standpoint, the merger provides significant benefits for both banks’ shareholders. These include cost efficiencies achieved through shared operations and the elimination of duplicate vendor contracts. Additionally, the merger enhances the range of financial products and services available, contributing to increased non-interest income. Finally, the partnership is expected to drive improvements in both operating and financial performance.
About Midwest Bank
Formerly known as the National Bank of Monmouth, Midwest Bank was established on September 9, 1870. Today, it operates across eight banking and insurance locations spanning six counties. Midwest Bank provides a comprehensive range of business and personal financial solutions, including insurance, trust, and wealth management services, as well as a robust suite of electronic banking options. For more information, visit www.mbwi.com.
About Princeville State Bank
Established on April 15, 1950, Princeville State Bank serves customers through two locations in Princeville and Peoria. It offers a wide array of consumer and business financial products, including wealth management services, along with convenient electronic banking solutions. For more information, visit www.p-s-b.com. Dickinson Wright, PLLC served as legal counsel to Western Illinois Bancshares, Inc. Gerrish Smith Tuck, PC served as legal counsel to Main Street Bancorp, Inc. D.A. Davidson & Co. served as a financial advisor to both Western Illinois Bancshares, Inc. and to Main Street Bancorp, Inc. Terms of the transaction were not disclosed.
Western Illinois Bancshares contact:
Chris Gavin, President
309.457.2227
Main Street Bancorp contact:
Andrew Black, President / CEO
309.385.4375
We are pleased to announce that our Board has approved a special dividend to close out 2024 of twelve and one-half cents per share.
Also, we have some more exciting news. We are going to be changing our name from Western Illinois Bancshares, Inc. to 1870 Holdings, Inc. The new name references the year of our original charter as the National Bank of Monmouth and reflects our story as a growing financial holding company. Please visit the special announcement video here.
This name changes requires the approval of our shareholders and for this purpose we will be holding a special shareholder meeting on January 15, 2025. We are asking that you execute and return the proxy statement prior to January 10, 2025.
We hope all of you have a joyous and peaceful holiday season. Thank you for your continued support!
Gus & Chris
Western Illinois Bancshares, Inc. (WIBI), a diversified financial services holding company, is pleased to announce they have entered into an agreement to purchase the prominent full-service tax and accounting firm of Matthew S. Anderson, CPA. This strategic acquisition marks another significant milestone in WIBI’s growth and expansion strategy.
Matthew S. Anderson, CPA will operate as a subsidiary of Western Illinois Bancshares, Inc. maintaining the firm’s existing brand identity and leadership team. With over 35 years of experience, Matthew Anderson has built a strong reputation in providing comprehensive accounting, tax and consulting solutions to both businesses and individuals.
“We are excited about the opportunities that lie ahead,” said Chris Gavin, President of Western Illinois Bancshares, Inc. “This acquisition aligns seamlessly with our strategic vision of expanding our footprint in the financial services sector. By integrating Mr. Anderson’s expertise and capabilities, we can offer customers an even more comprehensive suite of financial solutions tailored to their unique needs.”
Matt and his wife, Kathleen, are lifelong Quad Cities residents, graduates of Augustana College and currently reside in Rock Island, Illinois where they enjoy spending time with their four children and grandchildren. Matt joined the firm in 1998 and purchased the practice in 2007.
“I am looking forward to partnering with the Western Illinois Bancshares, Inc. team and continuing to provide a high standard of service to current and new clients,” stated Matt Anderson.
With this acquisition, WIBI further diversifies its offerings leveraging synergies across its existing companies which include Midwest Bank, Midwest Bank Wealth Management and Porter-Hay Insurance. By combining the strengths of each entity, WIBI aims to deliver enhanced value to customers.
As always if you have an interest in selling or buying, please contact either Brooke or Chris with the number of shares and the selling, or offering price.
Brooke Robinson
Phone: 309-457-6284
Email: Brooke.Robinson@1870Holdings.com
Chris Gavin
Phone: 309-457-6227
Email: Chris.Gavin@1870Holdings.com
Best Regards,
Gus & Chris
Western Illinois Bancshares, Inc. and Main Street Bancorp, Inc. Announce Merger Plans
Western Illinois Bancshares, Inc., the parent company of Midwest Bank, and Main Street Bancorp, Inc., the parent company of Princeville State Bank, jointly announced today the signing of an Agreement and Plan of Merger. Pursuant to the agreement, Main Street Bancorp will be merged into Western Illinois Bancshares in an all-stock transaction, with Western Illinois Bancshares becoming the surviving entity. Both Midwest Bank and Princeville State Bank will continue to operate as independent, separately chartered banks after the transaction is finalized. Together, they will have a combined total asset base of approximately $800 million.
Andrew Black, President and CEO of Princeville State Bank, commented, “Western Illinois Bancshares stood out as a good partner for our shareholders, customers and the communities we serve. We are both committed to community banking, and we share similar cultures and values. We are excited about the additional services this partnership will bring to our customers.”
“Main Street Bancorp is a great fit for our company as they share our vision for strategic growth and the establishment of a community centered financial services model,” said Chris Gavin, CEO of Midwest Bank. “Community banks are the backbone of small business and agriculture in west central Illinois. We look to build on these relationships through our insurance, wealth management and other financial services. Our personalized approach, coupled with the latest technology, makes us a great choice. We are excited to welcome the customers of Princeville State Bank to the Western Illinois Bancshares family.”
From a strategic perspective, the merger provides many benefits to both banks’ shareholders, including:
The transaction has been approved by the board of directors of each entity and is expected to close prior to the end of this year, subject to customary closing conditions including regulatory approvals and Main Street Bancorp shareholder approval.
Midwest Bank, formerly the National Bank of Monmouth, was established on September 9, 1870, and operates across eight banking and insurance locations spanning six counties. Midwest Bank offers a wide range of business and personal financial solutions, insurance, trust and wealth management services in addition to an array of electronic banking services. For more information visit www.mbwi.com.
Princeville State Bank was established on April 15, 1950, and operates two locations, Princeville and Peoria. Princeville State Bank offers both consumer and business financial products including wealth management as well as many electronic banking solutions. For more information visit www.p-s-b.com.
Dickinson Wright, PLLC served as legal counsel to Western Illinois Bancshares, Inc. Gerrish Smith Tuck, PC served as legal counsel to Main Street Bancorp, Inc. D.A. Davidson & Co. served as a financial advisor to both Western Illinois Bancshares, Inc. and to Main Street Bancorp, Inc. Terms of the transaction were not disclosed.
Western Illinois Bancshares contact:
Chris Gavin, President
309.457.2227
Main Street Bancorp contact:
Andrew Black, President / CEO
309.385.4375