Wipfli Corporate Finance Advisors LLC (WCF) is pleased to announce the successful sale of its client, Franklin Grove Bank (FGB), to Amboy Bancorp, Inc. (Amboy).
FGB currently operates one full-service banking center in Franklin Grove, Illinois. The acquisition is expected to boost Amboy’s assets to $200 million. Financial terms of the transaction were not disclosed.
“This merger will create a stronger community bank that is better positioned to serve Amboy, Franklin Grove and the surrounding communities than could be achieved separately,” said Mike Hickey, chairman and president of Amboy.
“Once the Franklin Grove Bank decided to sell, we looked to WCF for leadership to locate a buyer and guide us through the initial phases of the merger. The merger resulted in a great fit for the buyer and seller,” said Bill LeFevre, chairman and president of FGB.
FGB’s investment banking team at WCF is led by Kevin Janke.