Longview Capital Corporation to Acquire Bank of Chestnut

[March 09, 2023]  

The Longview Community Bank in Mt. Pulaski, owned by Longview Capital Corporation, announced today that it has entered into an agreement whereby it will acquire Bank of Chestnut in an all-cash transaction. The proposed transaction will further expand Longview Capital Corporation’s branch footprint in Logan County. Longview Community Bank, owned by Longview Capital Corporation has a location in Mt. Pulaski. The combination will result in an increase in Longview Capital Corporation’s asset base to approximately $783 million based on financial data as of December 31, 2022.

David Albin, President & Director of Longview Capital Corporation, commented “We are very excited about the proposed merger between Longview Community Bank and Bank of Chestnut. Our companies share similar values and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees, and communities first. We look forward to entering the new market that is a logical extension of our existing operations.”

“We look forward to partnering with Longview Community Bank in Mt. Pulaski and offering more services to our customer base from Chestnut,” said Didi Drake, CEO/Compliance Officer of the Bank of Chestnut. “This merger will offer our customers access to more on-site capabilities, lending and banking services as well as multiple banking locations.”

The proposed transaction, which has been unanimously approved by the boards of directors of both companies but remains subject to customary closing conditions, as well as approval by applicable bank regulatory authorities, is expected to be completed in the second quarter of 2023.

About Longview Capital Corporation

Longview Capital Corporation is a bank holding company based in Newman, Illinois with four banking subsidiaries: Bank of Gibson City, Longview Bank, Longview Bank & Trust, Longview Community Bank. Between the four subsidiaries there are 14 branches located in: Georgetown, Chrisman, Marshall, Paris, Danville, Mt. Pulaski, Gibson City, Royal, Ogden, Saint Joseph, Newman, Sidney, Villa Grove and Tuscola, Illinois. As of December 31, 2022, Longview Capital Corporation had total assets of $762 million. For more information of Longview Capital Corporation, please visit www.longviewcap.com.

About Bank of Chestnut

Founded in 1902 as a private bank, in 1919, the Bank of Chestnut was issued a charter by the State of Illinois. The Bank of Chestnut has total assets of approximately $21 million, total deposits of $18 million, total loans of approximately $13 million, and operates one branch in Chestnut, Illinois. More information about The Bank of Chestnut can be found at www.bankofchestnut.com.

[David Albin
President and Chairman of the Board
Longview Capital Corporation]