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LLCU to acquire Nokomis Savings Bank
DECATUR/NOKOMIS — Land of Lincoln Credit Union — LLCU — of Decatur and Nokomis Savings Bank — NSB — have entered into an acquisition agreement. The agreement, signed by LLCU President Robert Ares and NSB President Charlie O’Malley on April 28, will allow LLCU to acquire NSB.
The agreement is contingent on regulatory and member approvals. The proposal has already earned unanimous approval by the board of directors for both institutions.
The deal should close by the end of the first fiscal quarter of 2024. Upon completion of the deal, LLCU will have approximately $482 million in assets while increasing its footprint by going into Montgomery County. The addition of the Nokomis location will mark its first branch in the county, bringing the total branch count to 15.
Currently, the nearest LLCU branch is on South Locust Street in Pana. Overall, LLCU has branches in Christian, Coles, Effingham, Fayette, Macon, Marion, McLean, and Sangamon counties.
“We are excited about the opportunity to partner with Nokomis Savings Bank,” said Ares. “[This will] expand access to our services in Montgomery County and other contiguous markets.”
The acquisition is part of an ongoing LLCU strategic growth plan, which includes adding branches and markets. The end goal with these additions is to better assist its members throughout the Land of Lincoln.
As a result of the deal, existing customers of Nokomis Savings Bank will become full members of LLCU. This will allow them to peruse full access to LLCU’s wide array of products and services.
“We look forward to welcoming Nokomis Savings Bank’s customers and employees into our family,” Ares adds.
“We are delighted for the opportunity to join LLCU,” stated O’Malley. “[We] believe this partnership will result in many benefits to our customers, employees, and community. We look forward to working with LLCU to see this exciting transaction through to closing.”
About LLCU and Nokomis Savings Bank
Since its founding in 1947, LLCU manages $457 million in assets from 34,000+ members and over 120 employees at 14 branches across Central Illinois. LLCU offers a full menu of financial services including mortgages, auto loans, checking accounts, and business loans.
Nokomis Savings Bank’s history dates back to May 1881 when it was established as the Nokomis Building Association. The Association rebranded itself in 1956 as the Nokomis Savings & Loan Association. It would remain as such until it became a state-chartered bank in 1993, renaming itself to Nokomis Savings Bank. A full-service community bank, NSB manages $27 million in total assets and oversees $21 million in deposits as well as $11 million in loans.
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Jake Leonard, a broadcast media and journalism veteran, is the editor-in-chief of Heartland Newsfeed. Leonard is also GM and program director of Heartland Newsfeed Radio Network, wrestling editor and contributing writer for Ambush Sports, a contributing writer for My Sports Vote and Midwest Sports Network, and a former contributor to Bleacher Report and Overtime Heroics. He resides at home in Nokomis, Ill. with his dog Buster.
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