Katz Acquisition Corporation LLC, a Tampa-based bank holding company (“Katz Acquisition Corp.”), announced the acquisition of Camp Grove Bancorp, Inc., parent company of Camp Grove State Bank (“CGSB”), in Camp Grove, Illinois, according to its Chairman Brian Katz.
Katz Acquisition Corp. acquired 100 percent of the outstanding stock of Camp Grove Bancorp, Inc. The acquisition closed on April 9, 2021, after receiving required regulatory approvals earlier this year.
“We are excited about the strategic benefits this acquisition will bring to the Camp Grove and Greater Peoria communities now and in the future,” said Brian Katz, founder and Chairman of Katz Acquisition Corp., an affiliate of Katz Capital. “We look forward to continuing the legacy of the Hickey family, who has owned and operated CGSB for over three generations. We’re truly excited to bring advanced commercial banking technologies and solutions to expand services for the residents and businesses in the region.”
Dennis Hickey, who has served at the bank for 42 years since June 1979 and as President of state-chartered CGSB for the last 31 years, will assume the new title of Market President, continuing to oversee all daily operations. Hickey has served as a Director for the Illinois Bankers Association for twelve years and as Chairman of the Agricultural Advisory Committee for four years. “On behalf of the Hickey family and the management and staff of CGSB, I am happy to welcome Brian and his team, and the innovations they will bring to increase the bank’s capabilities and service offerings to our clients,” said Hickey.
Christopher P. Barton, a longtime veteran of the Illinois banking community, has been appointed CEO of the bank. He has 36 years of community banking experience in the Chicago area. Prior to joining CGSB, he was President, CEO and Director at The State Bank of Geneva and served on the board of directors of the Illinois Bankers Association. Before that, his experience includes 17 years with the Community Bank-Wheaton/Glen Ellyn as Executive Vice President, Chief Compliance Officer and Corporate Secretary. He also served as Branch President with the First National Bank of Chicago for six years and held various management positions within the Gary-Wheaton Corporation for 10 years. “The transition will be seamless for our customers as we invest in transforming and expanding services to include a host of online and mobile banking options to increase customer convenience and ease of doing business,” said Barton.
The CGSB board of directors includes Katz, Hickey, Barton, Illinois State Representative Ryan Spain, Synctera CCO and VP of Finance Kirsten Muetzel, and others. “As an Illinois native with a variety of previous banking experiences, I am excited to have these distinguished board members helping us continue to nurture strong community banking relationships in the heartland of Illinois,” notes Katz.
Barack Ferrazzano Kirschbaum & Nagelberg LLP and Shutts & Bowen LLP served as legal advisors for Katz Acquisition Corp. Olsen Palmer LLC served as financial advisor to Camp Grove Bancorp, Inc. with Godfrey Kahn, S.C. as legal advisor.
About Camp Grove Bancorp, Inc.
Camp Grove Bancorp, Inc. is headquartered in Camp Grove, Illinois, and is the parent company of Camp Grove State Bank. Camp Grove State Bank has been providing banking services in Central Illinois since 1902. Known for providing excellent customer service and its ability to move quickly when addressing the borrowing, deposit and banking service needs of businesses and residents, Camp Grove State Bank will continue to expand its reach across Central Illinois.
About Katz Acquisition Corporation LLC
Established in 2018, Katz Acquisition Corporation LLC is a Tampa-based holding company with strategic interests in banking to leverage cost-effective consumer and business opportunities. Katz Acquisition Corporation LLC is an affiliate of Katz Capital.
About Katz Capital
Katz Capital is a real estate and financial services-focused private equity firm headquartered in Tampa, Fla. CEO Brian Katz founded the company in 2011 on a philosophy of long-term “smart growth.” With a prudent and patient approach to growth, Katz Capital has established and acquired real estate, financial services, and insurance entities via its Pineywoods brand portfolio of affiliated companies: Pineywoods Capital, Pineywoods Insurance, Pineywoods Realty, Pineywoods Mortgage, Pineywoods Title, and Pineywoods Benefits.