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Illinois-based Prime Banc Corp. to acquire Red Bud Bancorp25-Oct-2011 SNL Financial LC | 21-Oct-2011 Dieterich, Ill.-based Prime Banc Corp. will acquire Red Bud, Ill.-based Red Bud Bancorp Inc. According to an application filed with the Federal Reserve on Sept. 26 and recently obtained by SNL, Prime Banc Corp. will acquire all outstanding shares of Red Bud that it does not own in exchange for stock or cash, or a combination of both. Additional terms of the agreement were not available. Prime Banc Corp. owns 595 shares of Red Bud's common stock, which it acquired in a December 2010 private placement. One of Prime Banc Corp.'s directors, Thomas Wegman, owns 67.33 shares of Red Bud common stock. Prime Banc Corp. is the parent of First National Bank of Dieterich ($360.8 million). Red Bud is the parent of First State Bank of Red Bud ($93.7 million). The units will be merged together following the closure of the deal. The continuing bank would be led by Thomas Niebragge, chairman and CEO; Steven Will, president; and Dean Kremer, CFO, the application states. Copyright © 2011, SNL Financial LC |
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