State Bank (Wonder Lake, IL) agreed to acquire substantially all the assets Harvard Savings Bank from Harvard Illinois Bancorp, Inc. (OTCPK:HARI) on May 20, 2015. The purchase price will be equal to the adjusted tangible book value of the assets and liabilities acquired (calculated as of the end of the month prior to the closing date), less transaction-related expenses incurred by Harvard Savings Bank, plus a premium of $3 million. Subsequent to the transaction, Harvard Savings Bank is expected to merge with and into Harvard Illinois Bancorp, Inc., and Harvard Illinois Bancorp, Inc. is expected to deregister as a savings and loan holding company. The transaction has been approved by the Board of Directors of each company and is expected to close in the third quarter of 2015, subject to customary closing conditions that include regulatory approval and the share holders of Harvard Illinois Bancorp, Inc. (OTCPK:HARI). The transaction was approved by shareholders of Harvard Illinois Bancorp on August 27, 2015. As of March 4, 2016, closing of the deal was extended to May 31, 2016. As of April 15, 2016, The State Bank Group And Harvard Illinois Bancorp announced that all regulatory approvals required to complete the pending sale have been received. The transaction is expected to close by August 1, 2016, subject to the satisfaction of customary closing conditions. Sterne, Agee & Leach, Inc. acted as financial advisor for Harvard Illinois Bancorp. Steven Hovde and Douglas Hillhouse of Hovde Group, LLC acted as financial advisors and Brent McCauley of Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as legal advisor for State Bank. The State Bank Group completed the acquisition of substantially all the assets Harvard Savings Bank from Harvard Illinois Bancorp, Inc. (OTCPK:HARI) for $10.8 million on August 1, 2016.