Longview Capital Corporation to Acquire
Bank of Chestnut
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[March 13, 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.
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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.
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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]
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