First Illinois Corporation has reached an agreement with Archer Daniels Midland Company ADM to acquire a majority interest in Hickory Point Bank & Trust, fsb., a community bank headquartered in Decatur, Ill., with seven branch locations throughout Central Illinois.
First Illinois Corporation, also headquartered in Decatur, Ill., is led by current Hickory Point Bank & Trust management and was formed for the sole purpose of acquiring the bank. Terms of the agreement are not being disclosed.
The transaction is subject to regulatory approval and is expected to be completed by June 30, 2011. The bank will retain the Hickory Point Bank & Trust name.
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