First Farmers Financial agrees to acquire three Illinois banks 

CONVERSE, Ind. — First Farmers Financial Corp., holding company of First Farmers Bank & Trust, announced Oct. 1 they have entered into Agreements and Plans of Merger to acquire 100 percent of the stock of three community banks in Illinois. Under the terms of the agreements, First Farmers Bank & Trust will acquire Community Bank, Hoopeston, Ill., United Community Bank, Oakwood, Ill., and First National Bank of Chrisman, Chrisman, Ill., from their respective holding companies. Each bank will be merged into First Farmers Bank & Trust as part of the transactions.

 First Farmers had $1.2 billion in assets and operated 27 community bank branches in Indiana and Illinois as of At June 30. The transaction is expected to close in the first quarter of 2015, subject to regulatory approval and other customary conditions.

Jerry Harper, president of United Community Bank with branches in Oakwood and Danville, Ill., said, “It has become more challenging to successfully run a small, independent community bank. I am excited to be joining a larger organization that shares our commitment to community banking and recognizes the importance of local relationships.”

Community Bank operates two locations in Hoopeston, Ill. “First Farmers’ expertise in Ag lending and their strength in communities very similar to ours will bring a new depth of offering and expertise to our customers.” President Bill Nicholls said.