By Fatima Aitizaz
Carlinville, Ill.based CNB Bank Shares, Inc. on June 4 completed its acquisition of Jacksonville, Ill.-based Jacksonville Bancorp Inc [according to a Form 8-K].
As part of the $61.6 million deal, each share of Jacksonville Bancorp common stock was converted into the right to receive $33.70 in cash. Furthermore, each option to purchase Jacksonville Bancorp common stock was canceled with the holder acquiring the right to receive a cash payment equal to $33.70, less the option exercise price.
Following the merger, Jacksonville Savings Bank, a unit of Jacksonville Bancorp, is expected to merge with CNB Bank & Trust NA, a subsidiary of CNB Bank Shares, with CNB Bank & Trust being the surviving entity. The bank merger is expected to be completed in the fourth quarter of 2018 or the first quarter of 2019.