Decatur, Ill.-based Land of Lincoln Credit Union will acquire central Illinois-based Nokomis Savings Bank early next year.
By acquiring the $27 million, single-branch bank, Land of Lincoln will grow to an approximately $482 million CU with 15 locations. Financial terms of the deal were not announced.
The pending acquisition comes less than six months after Land of Lincoln announced its pending acquisition of Illinois-based Colchester State Bank in an all-cash deal. According to American Banker, the deal is the second credit union acquisition of a bank this year, after a record 16 deals were announced in 2022.
“We are excited for the opportunity to partner with Nokomis Savings Bank and expand access to our service in Montgomery County and other contiguous areas,” said Land of Lincoln President and CEO Robert Ares. “This acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches and markets to better assist our members throughout Illinois.”
Charles O’Malley, president of the Nokomis, Ill.-based bank, said the merger “will result in many benefits to our customers, employees and communities.”