WONDER LAKE – The parent company of the State Bank Group in Wonder Lake recently acquired Harvard Savings Bank and its three locations, under a deal that both companies' boards have approved.
Both companies should formally close on the deal some time later this summer, barring unforeseen changes from regulators, State Bank Group said in a statement.
State Bank Group and its parent company, Wonder Bancorp, will now own nine locations, primarily throughout McHenry County and the Harvard Savings Bank's branch in Grundy County.
"We look forward to working with the banking talent and the customers of Harvard Savings Bank," said State Bank Group President Stephen Mitchell. "We are confident this acquisition will benefit the customers of both institutions."
Under the deal, State Bank Group "substantially" acquired all of Harvard Savings Bank's assets and substantially assumes all of its liabilities, according to the bank group.
Even with the acquisition, the State Bank Group will maintain the Harvard Savings Bank name for its three location. Founded in 1934, Harvard Savings Bank operates two locations in the city and one in Morris.
A full-service commercial bank, State Bank Group was founded in 1979. Based in Wonder Lake with two locations, the bank group operates branches in Johnsburg, Spring Grove, Lakemoor and Hebron.