Integra Bank Completes Acquisition of Chicago-Area Bank

New Media Producer: Amanda Lents
By Louis La Plante

Evansville-headquartered Integra Bank acquired Prairie Financial Corporation, a 15-year-old, privately held community bank with five offices in the Chicago area.

The five offices will remain open while Prairie bank accounts are being converted to Integra bank accounts starting April 21.

The acquisition will bring changes to Integra, which expects to add two former Prairie directors, Brad Stevens and Arthur Pringle, III, to the board directors in April.

Stevens, former chairman, president and chief executive officer of Prairie, has been appointed to  president and CEO of Chicago Region of Integra Bank.

According to a recent press release, Prairie common stockholders will receive merger consideration of $65.26 in cash and 5.914 shares of Integra common stock for each share of Prairie common stock.

Based on the closing price for the Integra common stock on April 5, the last  trading date prior to the closing, the value of the merger consideration was $195.31 for each share of Prairie common stock or approximately $108 million in total, including payments to option holders, a taxable transaction to Prairie common stockholders.

Prairie's banking subsidiary, Prairie Bank & Trust Co., merged into Integra's banking subsidiary, Integra Bank N.A., as part of the transaction.