Eureka Savings Bank to Acquire Wenona Bancorp Inc.
La Salle, Illinois – Eureka Savings Bank (the “Company”) announced today the signing of a definitive merger agreement with Wenona Bancorp Inc., parent company of Wenona State Bank in Wenona, Illinois.
Under the terms of the agreement, the Company will acquire Wenona Bancorp Inc. in an all cash transaction. Wenona State Bank had approximately $41 million in assets, $17 million in loans, and $31 million in deposits as of June 30, 2020.
The merger agreement has been unanimously approved by the board of directors of both the Company and Wenona Bancorp Inc. and the acquisition is expected to close in the first quarter of 2021. The transaction is subject to customary closing conditions, including regulatory approval and approval by the shareholders of Wenona Bancorp Inc.
According to Eureka Savings Bank President and Chief Executive Officer, John McCormick, “We are excited about this partnership, which introduces Eureka Savings Bank to the Marshall County community and we look forward to earning the continued loyalty and business of Wenona State Bank’s customers.”
“We are proud of our accomplishments and are confident that Eureka Savings Bank will continue the legacy of customer service we have built over the years,” said John Lauf, Chairman of Wenona Bankcorp Inc.
Olsen Palmer LLC is serving as financial advisor to Eureka Savings Bank with Brown, Hay & Stephens, LLP as legal advisor. Wipfli Corporate Finance Advisors, LLC is representing Wenona Bancorp Inc. as financial advisor and Howard & Howard Attorneys PLLC is serving as its legal advisor.
For more information contact:
Eureka Savings Bank
President & Chief Executive Officer