Systematic Savings Bank will be acquired by a Springfield-based investor-led corporation, according to a April 17 company press release.
Arlo Financial Holding, Inc., a corporation that was formed by an investor group led by Mark Bybee, purchased the bank for $14 million, or $23 per share, according to the release. The purchase is expected to close in the fourth quarter of 2024 or the first quarter of 2025.
Arlo will become the bank holding company for Systematic, a downtown bank located at 318 South Ave., and it intends to raise at least $25 million, according to the release. At the end of 2023, the bank had $64.6 million in total assets, $52.6 million in net loans receivable, $47.2 million in deposits and $10.5 million in total stockholders' equity.
“The Board of Directors and Management of Systematic have done a great job in building a strong Springfield-based community bank,” Bybee wrote in the release. “We believe with our investment the Bank will be even better positioned to grow, serve our customers and create solid returns for our shareholders.”
The boards of Arlo and Systematic have approved the buyout, which is subject to approval by Systematic's stockholders among other conditions of closing, according to the release. The purchase price is subject to adjustment based on the definitive agreement's terms.
