State Bank, The State Bank Group and Harvard Illinois Bancorp, Inc. and Harvard Savings Bank Announce Extension of Purchase and Assumption Agreement

04 Mar, 2016, 16:01 ET from Harvard Illinois Bancorp, Inc.

WONDER LAKE, Ill. and HARVARD, Ill., March 4, 2016 /PRNewswire/ -- The State Bank Group and Harvard Illinois Bancorp, Inc. announce today that the purchase and assumption agreement, dated May 20, 2015, pursuant to which State Bank, the wholly-owned bank subsidiary of The State Bank Group's parent company, Wonder Bancorp, Inc. will acquire certain of the assets, and assume certain of the liabilities, of Harvard Savings Bank, has been extended until May 31, 2016 by the mutual agreement of the parties. Under this extension, The State Bank Group, State Bank and Harvard Savings Bank will continue their cooperative efforts to consummate the purchase and assumption transaction until the expected closing in the second quarter of 2016, subject to customary closing conditions that include the receipt of all required regulatory approvals.  The parties eagerly anticipate the acquisition of Harvard Savings Bank by State Bank, a transaction that will increase The State Bank Group's number of banking locations from six existing locations to nine total locations, expanding The State Bank Group's footprint in McHenry County and establishing its presence in Grundy County. 

About The State Bank Group — Wonder Bancorp, Inc. is the holding company of State Bank. State Bank was founded in 1979 as an Illinois State chartered bank and is a full-service commercial bank, with robust business and consumer financial products and services.  The State Bank Group's principal office is located at 7526 Hancock Drive, Wonder Lake, IL 60097.

About Harvard Illinois Bancorp, Inc.  — Harvard Illinois Bancorp, Inc. is a Maryland chartered stock holding company, headquartered at 58 North Ayer Street, Harvard, Illinois.  The Company's operations are limited to its ownership of Harvard Savings Bank, an Illinois chartered savings bank, which operates three offices located in McHenry and Grundy Counties in Illinois. 

 

SOURCE Harvard Illinois Bancorp, Inc.