Covington, Ind.-based Piper Holdings is acquiring Gifford Bancorp and its subsidiary Gifford State Bank in east-central Illinois in an all-cash deal..The deal is expected to close in the first quarter of next year. The price has not been disclosed.By acquiring the $188 million Gifford State Bank, Piper Holdings will manage approximately $850 million in total assets and have more than 165 staff across eight counties in Indiana and Illinois. Piper Holdings is the holding company for The Fountain Trust Company.Gifford Bancorp President and CEO Tony McLain said the merger will allow the institution to offer a broader range of banking services and increase lending capacity, enhancing their presence in local communities.Chicago-based Barack Ferrazzano Financial Institutions Group served as legal counsel to Gifford Bancorp.
