Camp Grove Bancorp in Camp Grove, Ill., has finally been sold two years after striking its deal.
Katz Acquisition, a private equity firm, closed its purchase of the $17 million-asset banking company on Friday, according to an announcement by Olsen Palmer, an investment bank that advised Camp Grove. The price of the all-cash deal was not disclosed.
Katz agreed to buy Camp Grove in March 2019. The firm on at least two instances applied with the Federal Reserve to become a bank holding company.
The Fed approved the BHC application on Katz on Feb. 2.
Representatives for Katz and Camp Grove did not immediately respond to requests for comment.
When it announced the deal, Katz said it would expand in Illinois and develop a new community bank in Tampa, Fla. The company also has subsidiaries that offer insurance and mortgage services.
