LLCU completes purchase of Colchester State Bank

July 23, 2023 30

DECATUR — Another bank in Central Illinois is now part of the Land of Lincoln Credit Union (LLCU) family.

LLCU announced Friday its completion of the purchase and assumption transaction with Colchester State Bank in McDonough County. Through this transaction, LLCU has acquired all assets and liabilities of Colchester State Bank.

The completion of this acquisition now results in LLCU’s footprint expanding to a total of 14 branches. The initial deal was brokered and signed in December 2022.

“We look forward to welcoming Colchester State Bank’s customers and employees into our family,” said LLCU president and CEO Robert Ares. “[We also look forward] to improving access to our services in McDonough County and other contiguous market areas.”

Colchester State Bank customers, who are now LLCU members, now have full access to LLCU’s wide array of products and services.

The acquisition is part of LLCU’s ongoing strategic growth plan. This includes adding branches and markets to better assist its members across Central Illinois.

LLCU previously entered an acquisition deal in Montgomery County

LLCU previously brokered a settlement in May to acquire Nokomis Savings Bank in Montgomery County. This acquisition remains contingent on regulatory and member approvals. If given the green light, the acquisition expects to reach completion by the end of the first quarter of 2024. Once complete, the footprint of LLCU will expand to 15 branches across ten counties.

McQueen Financial Advisors served as financial advisor and Luse Gorman, PC served as legal counsel for LLCU.

With approximately $460 million in assets, over 135 employees, 14 branches, and over 35,000 members, Land of Lincoln Credit Union offers a full menu of financial services including mortgages, auto loans, checking accounts, and business loans and deposits. Land of Lincoln Credit Union remains dedicated to putting members first.

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Jake Leonard

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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.