Moline, Ill.-based Empeople Credit Union is acquiring Lomira, Wis.-based TSB Bank in a purchase-and-assumption agreement.
The deal is expected to be completed in the fourth quarter of this year. The $2 billion Empeople Credit Union is the sixth largest CU in Illinois and has more than 73,000 members. TSB Bank, which is expected to continue operating as a division of Empeople Credit Union, has $182 million in assets and $151 million in deposits.
Empeople Credit Union President and CEO Kurt Lewin called TSB Bank “an extremely well-run institution with a very long history in the area, where we also have members at the nearby John Deere Horicon Works facility. The expertise of the TSB Bank staff and management will allow us to expand opportunities for our members who own and operate small businesses. Continued growth is important for the future, and this partnership will allow both institutions to continue to grow together.”
Clawson, Mich.-based McQueen Financial Advisors was the financial advisor for Empeople Credit Union, and Washington, D.C.-based Luse Gorman, PC, provided legal counsel. Bancorp I, Inc. provided financial advice to TSB Bank, and Milwaukee-based Reinhart Boerner Van Deuren s.c. provided legal counsel.
The deal, announced Jan. 30, was the third CU-bank buy announced last month in the Upper Midwest. Also in January, Oshtemo, Mich.-based Advia Credit Union announced its plan to further expand in Illinois by acquiring Chicagoland-based NorthSide Bank, while Wabash, Ind.-based Beacon Credit Union announced its pending acquisition of Salem, Ind.-based Mid-Southern Savings Bank.