CNB Bank Shares has signed a definitive agreement to merge Jacksonville Bancorp with and into CNB Shares.

After the completion of the merger, Jacksonville Bancorp’s wholly-owned subsidiary Jacksonville Savings Bank will merge with and into CNB Bank & Trust (CNB B&T), the wholly-owned subsidiary of CNB Shares.

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The transaction has an aggregate deal value of nearly $61.6m.

Headquartered in Carlinville of Illinois, CNB B&T operates 13 full-service branches with around $924m of assets.

Holding $337m in total assets, Jacksonville Savings Bank has four full-service branches and two limited service branches in central Illinois.

After completion of the deal, the combined entity will have nearly $1.25bn in pro forma assets and will continue to operate all branches.

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Jacksonville Bancorp board chairman Andy Applebee said: “We are confident CNB will continue our community bank traditions while capitalising on the benefits that come with being a larger bank.

“We are pleased to be partnering with another local community bank that shares our deep commitment to customer service and community involvement.”

CNB B&T president Shawn Davis said: “This merger will not only be a good fit geographically for CNB, but also culturally as Jacksonville Savings Bank has diligently committed resources to staff training in the areas of quality service and product development.

The transaction, subject to customary closing conditions including shareholder and regulatory approvals, is expected to close in the second quarter of this year.

After closing, the two banks are expected to be merged in the fourth quarter of 2018 or first quarter of 2019.