News & Updates

The Hovde GroupHovde Group provides a variety of online publications and updates to our clients and investors on a regular basis. These include our Industry Updates, Transaction Alerts, and Monthly Overviews. To sign up to receive our publications via e-mail on a regular basis, please click here.

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First Nat'l Bank & Trust Co. of Rochelle Announces Sale to Central Bank Illinois

Published January 24, 2017

We are pleased to announce that Hovde's client, Rochelle, IL-based Ogle County BancShares, Inc. and its wholly-owned subsidiary, First National Bank & Trust Company of Rochelle, have announced a merger with and into Central Bank Illinois.

Highlight of the transaction:

  • 100% cash transaction
  • Central will add three additional branches and approximately $250 million in deposits, expanding its footprint into Ogle and Lee counties
  • This marks Central's first transaction since it acquired Marquette Bank Fulton in 2000
  • The deal is subject to shareholder and regulatory approval and is expected to close in Q3 of 2017
  • This is Hovde's seventh transaction announced in Illinois in the last two years

Please click on the link above to download the full 'Transaction Alert'.