Edgar County Banc Shares, Inc. to acquire Preferred Bancorp, Inc.
Paris, IL – Edgar County Banc Shares, Inc., Paris, Illinois (“Edgar”), and Preferred Bancorp, Inc., Casey, Illinois (“Preferred”) announced today that they have entered into a definitive merger agreement for Edgar to acquire Preferred and Preferred’ s subsidiary, Preferred Bank, Casey, Illinois (“Preferred Bank”). Immediately following the merger, Preferred Bank will be merged into Edgar’s current subsidiary bank, Prospect Bank, Paris, Illinois (“Prospect Bank”). The transaction is anticipated to result in a combined organization with over $750 million in assets that will continue to serve customers from all current locations of Preferred Bank and Prospect Bank. Edgar and Preferred anticipate that all current Preferred Bank employees will continue as employees of the combined Bank except for current President Kenneth Scott. After 51 years of community banking, Ken is preparing to retire, marking the close to a successful banking career. Ken stated that he is extremely grateful for all the customers he has been able to serve over the years.
The transaction has been unanimously approved by the Boards of Directors of Edgar, Prospect Bank, Preferred, and Preferred Bank. Completion of the transaction is subject to approval of the shareholders of Preferred, receipt of required banking regulatory approvals, and other customary closing conditions. The closing of the transaction is expected to occur later in 2026. The financial terms of the transaction are not disclosed.
Kenneth Scott, President of Preferred and President and CEO of Preferred Bank, said that “we believe the transaction is in the best interests of both organizations and their customers and shareholders. Like Preferred Bank, Prospect Bank is a community bank with a strong emphasis on customer service, and our two banks’ geographic scopes complement each other well.”
W. Eric Volkmann, President of Edgar, shared his enthusiasm for the merger, saying, “We believe joining forces with Preferred is a gain for our shareholders, our communities, and—most importantly—our customers. Both organizations have deep roots in delivering exceptional service and a long-standing commitment to the people we serve.”
Jenelle Adams, President of Prospect Bank, echoed that excitement. “We’re thrilled to welcome Preferred Bank’s customers and employees into the Prospect Bank family. Expanding into the Casey and Marshall communities gives us the opportunity to bring our high‑quality products, services, and technology to even more people as we continue the customer‑focused tradition that defines each of our Banks.”
