Bradford Bancorp To Purchase State Bank of St. Jacob
Bradford Bancorp, Inc., the parent company of Bradford National Bank, and St. Jacob Bancshares, Inc., the parent company of State Bank of St. Jacob, have jointly announced that the two companies have entered into a definitive agreement for Bradford Bancorp’s purchase of 100% of the outstanding shares of capital stock of State Bank of St. Jacob, pending customary regulatory and St. Jacob Bancshares, Inc. shareholder approvals.
The announcement was made by Michael Ennen, President and CEO of Bradford National Bank and Steven Prange, President & CEO of State Bank of St. Jacob.
Founded in 1867, Bradford National Bank is a full-service community bank and is the tenth oldest bank in Illinois with locations in Greenville, Highland, Marine, Centralia, Irvington, Nashville, and Breese, IL. State Bank of St. Jacob has operated for more than 120 years and is located in St. Jacob, IL.
Following the completion of the stock purchase, Bradford Bancorp will affect the merger of Bradford National Bank and State Bank of St. Jacob, and the resulting entity will operate under the name Bradford National Bank.
President Ennen said, “Both organizations have demonstrated great success by providing outstanding customer service and building strong relationships with the communities they serve. Bradford is not a stranger to St. Jacob, having supported numerous events and activities over the past 25 years.” He added, “We are eager to expand on our brand of community banking which includes local people, local commitment, local decisions, and local investment.”
“We are excited about the transaction,” Prange said. “We believe that by joining forces the result will be enhanced, more diverse financial services for our customers with greatly expanded lending limits.”
Both banks are community minded and invest heavily in local organizations to promote the growth of the areas they serve.
The stock purchase is expected to be completed later this year or early in 2026, with the bank merger following thereafter.
Performance Trust Capital Partners, LLC served as financial advisor and Dickinson Wright PLLC served as legal counsel to Bradford Bancorp. Forvis Mazars, LLP served as financial advisor and Polsinelli, PC served as legal counsel to St. Jacob Bancshares.