Paris, Ill.-based Edgar County Banc Shares is acquiring Preferred Bancorp and subsidiary Preferred Bank, both of Casey, Ill..The deal, which is expected to close later this year, will result in a more than $750 million combined bank. Edgar County Banc Shares is the holding company of Prospect Bank. As of late January, Prospect Bank had $675 million in assets, $568 million in deposits and nearly a dozen branches in Illinois and Terre Haute, Ind. As of early February, Preferred Bank had $73 million in assets, $67 million in deposits and two branches. Financial terms of the deal have not been disclosed. The deal was announced as Preferred Bank President Kenneth Scott plans to retire after a more than 50-year career in banking. “The transaction is in the best interests of both organizations and their customers and shareholders,” Scott said. “Like Preferred Bank, Prospect Bank is a community bank with a strong emphasis on customer service, and our two banks’ geographic scopes complement each other well.”
