Morton Community Bank is acquiring First Bank of Manhattan and New Lenox, Ill..The deal is expected to close in the fourth quarter of this year and add three locations to Morton Community Bank’s footprint, increasing its asset size to $5.6 billion. After the merger closes, Morton, which is based in central Illinois, will have 54 branches in 39 cities across the state. As of last month, First Bank of Manhattan had $263 million in assets, $237 million in deposits and three branches. First Bank of Manhattan’s Manhattan branch will be rebranded as Manhattan Community Bank, while its New Lenox location will be rebranded as New Lenox Community Bank. First Bank of Manhattan President and CEO John Kramer said the merger will enable new business lending options, cash management tools and trust and investment services. Manhattan is approximately an hour southwest of Chicago. Minneapolis-based Piper Sandler & Co. was financial adviser to Morton Community Bank and Barack Ferrazzano Kirschbaum & Nagelberg, Chicago, was legal counsel. New York City-based Keefe, Bruyette & Woods was financial adviser to First Bank of Manhattan and New Lenox, while Vedder Price P.C., Chicago, was legal counsel.
