Olsen Palmer is pleased to announce that McLaughlin Holding Company (“McLaughlin”), holding company for SENB Bank (“SENB Bank”), has acquired Gateway Banc Corp., parent company of Gateway Community Bank (collectively, “Gateway”). Under the merger, McLaughlin has acquired 100% of the outstanding stock of Gateway in an all-cash transaction.
Olsen Palmer LLC served as exclusive financial adviser to McLaughlin Holding Company, parent of SENB Bank.
The combined company has approximately $313.7 million in total assets and 7 branches spanning through Northwest Illinois and Southern Wisconsin. With the merger, SENB Bank will enter the greater Rockford, Illinois area, the third largest city in the state, and Beloit, Wisconsin, part of the second largest Metropolitan Statistical Area in in Wisconsin.