High Point Financial Services in Forreston, Ill., has agreed to buy Durand Bancorp in Illinois.
The $349 million-asset High Point Financial, the parent of Solutions Bank, said in a press release Thursday that it plans to complete the purchase of the $120 million-asset Durand in the third quarter. High Point did not disclose the price it will pay in the all-cash transaction.
High Point Financial will enter Winnebago County with the acquisition.
Durand, formed in 1957, has two branches.
"We are very excited about the proposed merger,” Jeff Snyder, High Point Financial’s president, said in the release. “Our companies share similar values and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees and communities first.”
Olsen Palmer and Godfrey Kahn advised Durand. Wipfli and Howard & Howard Attorneys advised High Point Financial.
