U.S. Blackhawk Bancorp to merge with First McHenry in $23 mln deal

U.S.-based Blackhawk Bancorp Inc., the holding company for lender Blackhawk Bank, has announced the signing of a definitive merger agreement with peer First McHenry Corp., the parent company of First National Bank of McHenry.

Blackhawk Bancorp agreed to acquire 100 percent of the common stock of First McHenry.

Under the terms of the agreement, Blackhawk will pay First McHenry shareholders $23 million in aggregate cash consideration. The merger agreement was unanimously approved by the board of directors of both Blackhawk Bancorp and First McHenry.

The transaction is subject to customary conditions, including regulatory approval and approval by the shareholders of First McHenry and it is expected to close in the first quarter of 2019.