ROCKFORD, Ill. (WIFR) -- SENB Bank enters the Rockford and Beloit markets as part of a definitive merger agreement with Gateway Community Bank in Roscoe.
The parent companies for both SENB and Gateway Community Bank announced an all-cash merger agreement on Friday.
Under the merger, McLaughlin, the holding company for SENB, will acquire all of the outstanding stock of Gateway Banc Corp. In September, Gateway Bank had about $90 million in assets, $68 million in loans and $67 million in deposits.
The agreement was approved by the board of directors of both firms.
"We are proud to bring together two banking teams focused on high service and progressive, high value products to serve the banking needs of our customers," said SENB Bank President/CEO Dan Daly. "Together , we will remain loyal to our customers and our communities."
McLaughlin Holding Company's acquisition is expected to close in the first quarter of 2019.
SENB Bank has served the Quad Cities and neighboring communities since 1961, growing to $219 million in assets with five banking centers.