Katz Capital (the "Company"), holding company for Pineywoods Capital, Pineywoods Insurance, Pineywoods Mortgage, Pineywoods Realty and Pineywoods Title ("Pineywoods"), announced the signing of a definitive agreement to acquire Camp Grove Bancorp, Inc., parent company of Camp Grove State Bank ("CGSB"), in Camp Grove, Illinois.
Under the terms of the agreement, an affiliate of the Company will acquire 100 percent of the outstanding stock of Camp Grove Bancorp, Inc. in an all-cash transaction. With the acquisition, Katz Capital will bring a new community bank to Tampa Bay and Florida, while the Pineywoods platform will be able to expand into greater Illinois. The merger agreement has been approved by both the Company and the board of directors of Camp Grove Bancorp, Inc., and the acquisition is expected to close in the second half of 2019. The transaction is subject to regulatory and Camp Grove Bancorp. Inc. shareholder approvals.
"We are proud to bring together two financial firms that will allow us to create a uniquely integrated suite of financial services," said Katz Capital CEO Brian Katz. "We look forward to continuing the legacy of the Hickey family, who has owned Camp Grove State Bank since 1902, and we're truly excited to further assist our collective clients and stakeholders in achieving the American Dream."
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 centric entities via its Pineywoods brand (Capital, Insurance, Real Estate, Mortgage & Title), which provides an efficient all-in-one solution for real estate agents, property managers, and homeowners.
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.