Fisher National Bank acquires Catlin Bank
Oct. 12—CATLIN — Fisher, Illinois based Fisher Bancorp, Inc. ("Fisher"), parent of The Fisher National Bank, and Catlin, Illinois based Butler Point, Inc., the holding company of Catlin Bank (together "Catlin"), jointly announced Tuesday that they have entered into an agreement and plan of merger whereby Fisher will acquire Catlin subject to customary regulatory and other approvals.
Upon consummation of the proposed transaction, Fisher will enter the Vermillion County market via Catlin's locations in Catlin and Georgetown. On a pro forma basis, Fisher will have five full-service banking branches and total assets of approximately $293 million, based on data as of June 30, 2022.
"Our companies share similar values, and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees, and communities first. We look forward to entering a new market that is a logical extension of our existing operations" remarked Mike Estes, Chairman of The Fisher National Bank. Jeff Fauver, current President of Catlin Bank, will be the Catlin Community President along with being on the Board of Directors for Fisher National Bank.
In addition, Shanna Fisher will continue her role as Vice President of Lending.
Ryan Heiser, current CEO of The Fisher National Bank will continue in that capacity as he leads the entire organization.
"We feel Catlin is a great fit for us and we look forward to working with Jeff and his entire staff" stated Heiser.
"We are proud and excited to partner with The Fisher National Bank and believe their acquisition to be an excellent fit," said Fauver. "Being part of a larger banking company that shares our same customer-first focus will allow us to better provide competitive products and services to our customers while remaining actively involved in our community."
The acquisition, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2023.
Olsen Palmer LLC served as financial adviser to Catlin Bank while Godfrey Kahn, S.C. served as legal adviser. Brown, Hay & Stephens, LLP served as the legal adviser to Fisher Bancorp, Inc.
About Fisher Bancorp, Inc.
Fisher Bancorp, Inc. is the bank holding company for The Fisher National Bank, a commercial bank based in Fisher, Illinois. The Fisher National Bank was founded in 1955 and operates three (3) full-service branch offices, located in Fisher, IL; Mahomet, IL; and Champaign, IL. As of June 30, 2022, The Fisher National Bank had total assets of approximately $208 million. For more information on The Fisher National Bank, visit www.fishernational.com.
About Butler Point, Inc.
Butler Point, Inc. is the bank holding company for Catlin Bank, a commercial bank based in Catlin, Illinois. Catlin Bank was founded in 1904 and operates two (2) full-service branch offices, located in Catlin, IL and Georgetown, IL. As of June 30, 2022, Catlin bank had total assets of approximately $84 million. For more information on Catlin Bank, visit www.catlinbank.com.
