MENDOTA, Ill., Nov. 01, 2019 (GLOBE NEWSWIRE) — The board of directors of Tri-County Financial Group, Inc. (OTCQX: TYFG), the holding company for First State Bank, and the board of directors of H.F. Gehant Bancorp, Inc., the holding company for H.F. Gehant Banking Co., are pleased to announce that the parties have signed a definitive agreement outlining the terms of the acquisition of H.F. Gehant Banking Co. by Tri-County Financial Group, Inc. through the merger of H.F. Gehant Bancorp, Inc. with Tri-County Financial Group, Inc. Subject to the parties receiving regulatory and shareholder approval by the shareholders of H.F. Gehant Bancorp, Inc., and satisfying certain other closing contingencies set forth in the definitive agreement, the parties anticipate the consolidation will be completed in either the first or early second quarter of 2020.
As part of the definitive agreement, each party’s banking subsidiaries (H.F. Gehant Banking Co. and First State Bank) will be merged and after such merger will operate under the First State Bank name.
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