Monmouth, Ill.-based 1870 Holdings is merging with Rushville Bancshares in Illinois in an all-stock deal. .The deal is expected to close by the end of the year. Financial terms of the deal were not released. 1870 Holdings will grow to a $1 billion company. The company has 18 banking, insurance and accounting branches. Rushville State Bank has $132 million in assets and two branches. Rushville Bancshares is the parent company of Rushville State Bank, which will remain as an independent, separately-chartered bank after the deal is finalized. 1870 Holdings is the parent company of Midwest Bank, Princeville State Bank, Porter-Hay Insurance, Inc., and MB Tax & Accounting LLC.Monmouth and Rushville are approximately an hour apart in western Illinois. Detroit-based Dickinson Wright, PLLC was legal counsel to 1870 Holdings, Inc., while Brown, Hay & Stephens, LLP, Springfield, Ill., was legal counsel to Rushville Bancshares. D.A. Davidson & Co., Great Falls, Mont., was financial adviser to both companies.
