DECATUR, Ill.–Land of Lincoln Credit Union said it is acquiring Nokomis Savings Bank in Nokomis, Ill. Terms of the deal were not released.
The acqusition marks the second such deal for Land of Lincoln this year. As CUToday.info reported here, in January the credit union announced plans to buy the $82-million Bank of Colchester in Illinois.
The $27-million bank, established in 1881, is headquartered approximately 45 miles southwest of Land of Lincoln Credit Union, and has approximately $21 million in deposits, $11 million in loans and one branch. In a statement, the two institutions said the transaction is expected to close by the end of the first quarter of 2024, and when complete Land of Lincoln will have approximately $482 million in assets and increase its footprint into Montgomery County and the surrounding areas with a total of 15 branches.
“We are excited for the opportunity to partner with Nokomis Savings Bank and expand access to our service in Montgomery County and other contiguous market areas,” said Robert Ares, president and CEO of Land of Lincoln CU, in a statement. “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. Nokomis Savings Bank’s customers will become members of Land of Lincoln with full access to our wide array of products and services. We look forward to welcoming Nokomis Savings Bank’s customers and employees into our family.”
Land of Lincoln CU has more than 35,000 members. It reported $771,690 in net income in the first quarter of this year, and net worth of 10.4%. It had $3.428 million in net income for 2022.