GreenState Credit Union in North Liberty, Iowa, said it is buying two banks in neighboring states: Oxford Bank & Trust in Oak Brook, Ill., and Premier Bank of Omaha, Neb.
Oxford Bank & Trust has $759 million in assets, $399 million in net loans and leases, $668 million in deposits, and seven branches in Addison, Naperville, Oak Brook, Plainfield and Westmont, Ill.
The $383 million Premier has $244 million in net loans and leases, $332 million in deposits and four branches in Omaha and Nebraska City.
The $7.4 billion GreenState currently has 271,000 members and operates 26 branches in Iowa. The credit union bought seven branches from First American Bank, Fort Dodge, Iowa, last year after a dustup with the Iowa Division of Banking.
“Our strategy is to continue building upon historical growth strategy to best serve our member-owners, employees and the communities we collectively serve,” GreenState President and CEO Jeff Disterhoft told CU Times. “We remain hopeful that growth will come in the form of both organic growth as well as a measured level of M&A activity.”
Terms of the deals, expected to close by the end of the year, were not disclosed. They would be the third and fourth bank purchases by credit unions this year. In January, MInnesota-based Wings Financial Credit Union, Apple Valley, Minn., said it would buy Brainerd Savings & Loan in Brainerd, Minn. Last month, a Florida credit union said it was buying a Georgia bank.