On January 17, 2018, Jacksonville Bancorp, Inc., Jacksonville, Illinois, and CNB Bank Shares, Inc., Carlinville, Illinois, entered into a definitive merger agreement pursuant to which CNB Bank Shares will acquire Jacksonville Bancorp. As part of the merger, Jacksonville Savings Bank, the wholly-owned subsidiary of Jacksonville Bancorp, will merge with and into CNB Bank & Trust, N.A., the wholly-owned subsidiary of CNB Bank Shares, with CNB Bank & Trust, N.A. as the surviving institution. The total merger consideration is approximately $61.6 million, and Jacksonville Bancorp stockholders will receive $33.70 in cash for each share of Jacksonville Bancorp common stock.
Luse Gorman served as legal counsel to Jacksonville Bancorp in the transaction. The Luse Gorman team consisted of Eric Luse, Scott Brown and Zachary Davis (Corporate/M&A) and Jeff Cardone (Executive Compensation).
Jacksonville Bancorp had approximately $337 million in total assets at September 30, 2017 and operates four full-service branches and two limited service branches located in Jacksonville, Virden, Litchfield and Chapin, Illinois.
CNB Bank Shares had approximately $924 million in total assets at September 30, 2017 and operates thirteen full-service branches throughout south-central Illinois, suburban southwestern Chicago and in the St. Louis metropolitan area.