MOLINE, Ill.–The $2-billion Empeople Credit Union said it has reached an agreement to purchase the $182-million TSB Bank in Lomira, Wis. The deal marks the fifth purchase of a bank announced to date in 2024.
The transaction is structured as a purchase and assumption agreement with Empeople purchasing substantially all assets and assuming substantially all liabilities of TSB Bank, according to the credit union. Terms of the deal were not disclosed to members. Empeople CU reported $7.11 million in year-end 2023 net income, with capital of 8.28%.
Empeople Credit Union said the transaction will expand business and commercial services for its members as well as “enhance its presence in Wisconsin.
‘Exciting Time’
“This is a very exciting time for both Empeople Credit Union and TSB Bank,” Empeople Credit Union President and CEO Kurt Lewin said in a statement. “I would like to welcome the customers and employees of TSB and look forward to working together to grow and expand services in the surrounding communities. TSB Bank is 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.”
The transaction is anticipated to be completed in the fourth quarter of 2024 subject to receiving all regulatory approvals, approval by the shareholders of TSB Bank, and other customary closing conditions.
Empeople was advised by McQueen Financial Advisors, as financial advisor, and Luse Gorman, PC, as legal counsel. TSB Bank was advised by Bancorp I, Inc., as financial advisor, and Reinhart Boerner Van Deuren s.c., as legal counsel.
About the Institutions
Empeople was founded in Moline, Illinois, in 1935 as “Deere & Company Credit Union” and currently has approximately 240 employees, operations in seven states, and serves more than 73,000 members with 29 branches across Illinois, Iowa, Maine, North Dakota, North Carolina, Wisconsin and Georgia.
TSB Bank was established in 1905 in Theresa, Wis., as the Theresa State Bank.
At Dec. 31, 2023, TSB Bank had total assets of $182 million and deposits of $151 million.
Other Deals to Date in 2024
As CUToday.info reported earlier, other bank acquisitions announced by credit unions to date in 2024 include:
- Beacon Credit Union, Wabash, Ind., acquired Mid-Southern Savings Bank of Salem, Ind. for approximately $45 million.
- The $2.9-billion Advia Credit Union, Kalamazoo, Mich., reached into Illinois with the purchase the $255-million NorthSide Community Bank.
- The $7-billion Hudson Valley Credit Union is purchasing the $593-million Catskill Hudson Bank in Kingston, N.Y. for $28.6 million.
- The $11.8-billion Global FCU in Anchorage, Alaska is buying the $1.5-billion First Financial Northwest Bank in Renton, Wash. for $231.2 million.
- In addition, the $2.98-billion All-In Credit Union in Daleville, Ala. is buying five branchesand the book of business from Louisville, Ala.-based 22nd State Bank. As of October 31, 2023, the deposit and loan balances associated with the transaction were approximately $145 million and $130 million, respectively.