State Bank completes acquisition of Harvard Savings Bank

WONDER LAKE - The State Bank Group announced it has completed its acquisition of Harvard Savings Bank.

Financial terms were not announced. The acquisition increases The State Bank Group's number of bank locations from six to nine.

This increase strengthens The State Bank Group's presence in McHenry County and expands it to Grundy County. Harvard Savings Bank's locations will continue to operate under their respective branch names.

"The acquisition completes the first of its kind for The State Bank Group and is an important first step in our growth strategy", said Stephen Mitchell, president of The State Bank Group. "Our team has worked hard and understands the need for growth in today's banking market. Of significance, the growth of our bank is a big win for our customers."

As of June 30, the assets of The State Bank Group total approximately $171 million and Harvard Savings Bank total approximately $141 million.