Ottawa Savings Bancorp (OTTW) in Ottawa, Ill., has agreed to buy Twin Oaks Savings Bank in Marseilles, Ill.
The $168 million-asset Ottawa Savings did not disclose the price of the deal for the $67 million-asset Twin Oaks. Both institutions are mutuals.
Ottawa Savings said the acquisition, which is expected to close in the fourth quarter, should be accretive to its earnings after considering merger-related restructuring costs. Twin Oaks Savings has two branches and $56 million in deposits.
"The merger is expected to be beneficial to our shareholders and the bank's customers," Ottawa Savings President and Chief Executive Jon Kranov said in a press release. "The transaction will result in a banking organization with an enhanced footprint and product and service capabilities that will allow us to take advantage of growth opportunities as LaSalle and Grundy counties, and Chicago's west and southwest suburbs, continue to grow toward each other."
Kranov would remain president and CEO of the mutual. Craig Hepner, president of Twin Oaks, would become Ottawa Savings' chief operating officer.
Kilpatrick Townsend & Stockton was Ottawa's legal counsel; Howard & Howard Attorneys acted as Twin Oaks' legal counsel.
