The stock has been on our buy list all year. Up 42% today
Gary D. Hemmer, President & CEO, First National Bank of Waterloo and its parent company, First Waterloo Bancshares, Inc., and Ron Shambaugh, President & CEO, Best Hometown Bank and its parent company, Best Hometown Bancorp, Inc., are pleased to announce the signing of an Agreement and Plan of Merger. First Waterloo Bancshares, Inc., Waterloo, Illinois, will acquire all of the outstanding shares of common stock of Best Hometown Bancorp, Inc., Collinsville, Illinois. Pursuant to the merger agreement and based on the estimated book value of Best Hometown Bancorp, Inc. at closing, the shareholders of Best Hometown Bancorp, Inc. will receive cash consideration of $14.89 per share of common stock, subject to certain adjustments as outlined in the merger agreement.
As of September 30, 2019, there were 826,208 shares of Best Hometown Bancorp, Inc. common stock outstanding. Based on the number of shares outstanding and the $14.89 per share price consideration, the aggregate deal value would be $12.302 million.
“We are excited about the opportunity to partner with Best Hometown Bank. The bank has been serving the Collinsville and neighboring communities for more than 132 years. Best Hometown Bank is a true community bank and has been built upon tradition and strong core values,” said Hemmer.
“This is a unique opportunity for Best Hometown Bank to partner with an organization that operates with a similar philosophy as Best Hometown Bank. First National Bank of Waterloo has a long-standing history and is very community focused. We look forward to offering our customers additional new products and services,” said Shambaugh.
As of September 30, 2019, First National Bank of Waterloo had total assets of approximately $485 million. The bank currently has eleven banking centers in central and southern Illinois and is serving customers in Waterloo, Columbia, Millstadt, O’Fallon, Dupo, Smithton, Effingham and Stewardson. Best Hometown Bank had total assets of $115 million and has two banking centers in Madison County and is serving customers in Collinsville and Maryville.