First Community Financial Bank acquires Mazon State Bank
JOLIET - First Mazon Bancorp, Inc. announced it will merge First Mazon's wholly owned subsidiary, Mazon State Bank with First Community Financial Partners, the parent company of First Community Financial Bank.
First Community will pay $8.5 million to First Mazon for the assets of Mazon State Bank. The agreement has been unanimously approved by the boards of directors of both companies. Conditions to the closing of the agreement include approval of First Mazon's shareholders, regulatory approval and other customary closing conditions.
Founded in 1944, MSB operates three full-service banks in Mazon, Braidwood and Diamond. The company is headquartered in Mazon and has total assets of $85 million. The communities MSB serves are contiguous to First Community Financial Bank's existing markets. At December 31, 2015, MSB reported loans of $33 million, residential mortgage loans sold and serviced of $48 million, and $74 million in deposits, 99.59 percent of which are core deposits.
"This combination will further enhance our position as the largest community bank headquartered in Will County and gives us our first location in Grundy County allowing us to better serve our existing clients who are based there," said Roy C. Thygesen, First Community's Chief Executive Officer.
"We believe Mazon State Bank represents an excellent cultural fit with First Community. Their base of loyal clients and sound asset quality reflects the deep community roots of Mazon State Bank's team. MSB's strong reputation of excellent client service fits very well with our community based focus," Thygesen added.
Mazon State Bank Chairman, President & CEO Michael C. Breisch said joining First Community "will allow us to continue our high touch approach to community banking while giving our customers access to enhanced financial solutions and a more robust technology platform."
"Our aim was to find a strategic partner that shares our values and community focus. We found that in First Community and believe this partnership allows us to better meet the growing financial needs of our markets," Breisch said.
Closing is expected during the third quarter of 2016.