HANNIBAL—Royal Bancshares Inc., announced the company completed the purchase of Saints Avenue Bancshares Inc., and its banking subsidiary Saints Avenue Bank.
Saints Avenue Bank maintained offices in St. Charles, Mo., New London, Mo. Center, Mo. and Hannibal. The transaction increases Royal Banks to 17 full- and limited-service offices throughout eastern Missouri and Southern Illinois.
“This purchase brings together two well-managed companies with a focus on true community banking! We are very proud of our community-based values and roots. We are excited to welcome our new clients in Ralls County and Hannibal,” President and Chief Executive Officer Mitchell Baden said.
Saints Avenue Bancshares, which held $120 million in deposits and $85 million in loans, was led by Richard (Chuck) Leuck.
“The enhanced platform provides a strong foundation to serve privately-held businesses with lending and treasury services,” Leuck said.
The combination of the banks will occur July 30, and conversion of core data processing systems will take place in mid-January. The combined banks will have total assets over $1 billion and loans of approximately $700 million.
“Most importantly, this acquisition brings together two exceptional financial institutions with a team of financial professionals unmatched in our markets. We will retain all the Saints Avenue staff. They truly complement our Royal team. This transaction was a team effort from the beginning. Not only has Chuck and his team worked closely with Royal but we have also been guided through the process by our counsel Paul Cambridge of Armstrong Teasdale,” Baden said.
Saints Avenue Bancshares was represented by Carmody MacDonald PC.
More information about Royal Banks of Missouri is available by visiting their website at royalbanksofmo.com.