Land of Lincoln Credit Union to acquire Colchester State Bank | https://scontent.fcrk1-4.fna.fbcdn.net/
Land of Lincoln Credit Union to acquire Colchester State Bank | https://scontent.fcrk1-4.fna.fbcdn.net/
Land of Lincoln Credit Union (“LLCU”) of Decatur, IL and Colchester State Bank (“Colchester”) of Colchester, IL jointly announced today that they have entered into an agreement whereby LLCU will purchase substantially all of the assets and liabilities of Colchester State Bank in an all-cash transaction.
While the agreement is contingent on obtaining regulatory and Colchester stockholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both institutions. The transaction is expected to close by the end of the second quarter of 2023. Following the completion of the transaction, Colchester will liquidate and distribute its remaining assets to its stockholders. When the purchase is complete, Land of Lincoln Credit Union will have $460 million in assets and increase its footprint into McDonough County, Illinois and the surrounding areas with a total of 14 branches.
Robert Ares, President & CEO of Land of Lincoln stated “We are excited for the opportunity to partner with Colchester State Bank and to improve access to our service in McDonough County and other contiguous market areas. Colchester State Bank is a well-managed bank, and we look forward to welcoming their customers and employees into our family. The acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches and markets to better assist our members in Illinois. Colchester State Bank’s customers will become members of Land of Lincoln with full access to our wide array of products and services.”
Mark Reynolds, Chairman, President & CEO of Colchester commented, “After carefully considering what is best for our employees, customers, shareholders, and the communities we serve, we believe our decision to become a part of Land of Lincoln is the best path forward for our organization. We are excited to bring together two organizations focused on exceptional customer service and high value products, as well as a philosophy of strong community support.”
McQueen Financial Advisors is serving as financial advisor and Luse Gorman, PC is serving as legal counsel to Land of Lincoln Credit Union. Liles Parker, LLC is serving as legal counsel to Colchester State Bank.
Original source can be found here
Alerts Sign-up