August 22, 2019
FOR IMMEDIATE RELEASE
HIGH POINT FINANCIAL SERVICES, INC. TO EXPAND PRESENCE WITH ACQUISITION OF THE POPLAR GROVE STATE BANK
Forreston, IL: High Point Financial Services, Inc., the holding company for Forreston State Bank, announced today that it has entered into a definitive agreement to acquire The Poplar Grove State Bank in an all cash transaction.
The Poplar Grove State Bank, founded in 1946, is a full-service bank with two locations in Poplar Grove, Illinois and total assets of more than $85 million. Forreston State Bank is a premier locally-owned financial institution with three locations in Forreston, Freeport and Kent, Illinois and total assets of nearly $214 million. With this transaction, High Point Financial Services, Inc. will expand its existing market and will have total assets of $300 million.
Jeff Snyder, President and CEO of High Point Financial Services, Inc. and Chairman of the Board of Forreston State Bank, commented, “We are extremely excited to partner with The Poplar Grove State Bank especially as they share our focus on running a high-quality, low risk institution with a strong commitment to both our communities and to our customers.”
Kent Kniep, President and CEO of The Poplar Grove State Bank, added, “In looking for a partner that shares our vision of community banking, we believe we found the perfect fit within the High Point Financial Services, Inc. organization. We look forward to the opportunities and benefits this combination will bring to our communities and, most importantly, to our customers.”
The transaction, which has been approved by the Board of Directors of both companies but remains subject to customary regulatory approvals, is expected to close in the fourth quarter of 2019.
High Point Financial Services, Inc. was advised in the transaction by Howard & Howard and Wipfli, LLP. Olsen Palmer LLC served as The Poplar Grove State Bank’s financial advisor while the firm of Godfrey & Kahn, S.C. served as The Poplar Grove State Bank’s legal advisor.