Empeople CU to acquire substantially all assets of Wisconsin-based TSB Bank
Subject to Regulatory Approval
Moline, Illinois and Lomira, Wisconsin – February 7, 2024 – Empeople Credit Union (“Empeople”) and TSB Bank announced today, that on January 30, 2024, they entered into a definitive agreement in which Empeople will acquire Lomira, Wisconsinbased TSB Bank. The transaction is structured as a purchase and assumption agreement with Empeople purchasing substantially all assets and assuming substantially all liabilities of TSB Bank.
The agreement has been approved by the boards of directors of both institutions. Following the purchase and assumption transaction, TSB Bank will liquidate and dissolve and distribute its remaining assets to its stockholders. When finalized, the combined institution will have approximately $2.2 billion in assets.
The transaction will expand Empeople’s business and commercial services for its members as well as enhance its presence in Wisconsin. TSB Bank customers will become members of Empeople Credit Union with full access to Empeople’s extensive product and service offerings.
“This is a very exciting time for both Empeople Credit Union and TSB Bank,” said Empeople Credit Union President and CEO Kurt Lewin. “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.”
“We are very pleased with the transaction and believe TSB Bank’s customers, employees, communities and shareholders will all benefit,” TSB Bank Chairman and CEO Thomas M. O’Connor said in a statement. “We will continue our operations as TSB Financial, a division of Empeople Credit Union. The communities we serve will continue to experience a customer focused approach from familiar individuals in existing locations.”
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. Until the transaction is finalized, both organizations will continue to conduct business as usual.
About Empeople Credit Union
Empeople was founded in Moline, Illinois, in 1935 under the name “Deere & Company Credit Union” and currently has approximately 240 employees, operations in seven states, and serves more than 73,000 members. With approximately $2 billion in assets, Empeople is the 6th largest credit union in Illinois. Empeople expanded its operations in May of 2021 when it merged with Infinity Federal Credit Union.
About TSB Bank
Established in 1905 in Theresa, Wisconsin as the Theresa State Bank, TSB has transformed over the years from a single branch to a full-service community-based commercial bank with approximately 25 employees serving its customers throughout the Wisconsin area. At December 31, 2023, TSB Bank had total assets of $182 million and deposits of $151 million.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Andre Gard
Associate
Christian Abelarde
Associate