By Fatima Aitizaz
Carlinville, Ill.based CNB Bank Shares, Inc. on June 4 completed its acquisition of Jacksonville, Ill.-based Jacksonville Bancorp Inc [according to a Form 8-K].
As part of the $61.6 million deal, each share of Jacksonville Bancorp common stock was converted into the right to receive $33.70 in cash. Furthermore, each option to purchase Jacksonville Bancorp common stock was canceled with the holder acquiring the right to receive a cash payment equal to $33.70, less the option exercise price.
Following the merger, Jacksonville Savings Bank, a unit of Jacksonville Bancorp, is expected to merge with CNB Bank & Trust NA, a subsidiary of CNB Bank Shares, with CNB Bank & Trust being the surviving entity. The bank merger is expected to be completed in the fourth quarter of 2018 or the first quarter of 2019.
Follow this link to continue reading this news story