JOLIET, Ill.–A second credit union in Illinois this week has announced it is buying a bank.
The $632-million NuMark Credit Union said it is purchasing the $135-million Pioneer State Bank in Earlville, Ill. Pioneer Bank is a wholly-owned subsidiary of NBE Bancshares.
Financial terms of the all-cash transaction, which marks NuMark CU’s first bank purchase, were not disclosed.
Founded in 1901, Pioneer State Bank has 27 employees across four branches in Earlville, Paw Paw and Sublette, Ill. The bank also runs one seasonal location.
According to financial reports filed with the FDIC as of March 30, Pioneer State had $113 million in deposits, $13.7 million in capital and a net income of $202,000. It recorded an ROA of 0.60%. The state-chartered bank specializes in commercial lending, including agricultural services.
Plans call for the deal to close in the fourth quarter. Olsen Palmer, LLC served as the financial advisor to NBE Bancshares, Inc.
As CUToday.info was first to report, in Lombard, Ill. $1.2-billion Credit Union 1 has agreed to buy the $311-million NorthSide Community Bank, located approximately an hour north in Gurnee, Ill.