LLCU Completes Acquisition of Colchester State Bank
Decatur, IL, July 21, 2023 – Land of Lincoln Credit Union (“Land of Lincoln”) of Decatur, IL, today announced the completion of its purchase and assumption transaction with Colchester State Bank in which Land of Lincoln has acquired the assets and assumed the liabilities of Colchester State Bank. With the acquisition complete, Land of Lincoln has expanded its footprint into McDonough County, Illinois and the surrounding areas with a total of 14 branches.
Statement from Land of Lincoln President & CEO:
Robert Ares, President and CEO of Land of Lincoln, commented, “We look forward to welcoming Colchester State Bank’s customers and employees into our family and to improving access to our services in McDonough County and other contiguous market areas. Colchester State Bank’s customers are now members of Land of Lincoln with full access to our wide array of products and services.”
McQueen Financial Advisors served as financial advisor and Luse Gorman, PC served as legal counsel to Land of Lincoln.
The acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches and markets to better assist our members in Illinois. Land of Lincoln has also entered into an agreement to acquire Nokomis Savings Bank (“Nokomis”) of Nokomis, IL. The acquisition of Nokomis remains contingent on receiving regulatory and member approvals. The Nokomis acquisition is expected to close by the end of the first quarter of 2024 and will increase Land of Lincoln Credit Union’s footprint into Montgomery County, Illinois and the surrounding areas with a total of 15 branches.
About Land of Lincoln Credit Union
With approximately $460 million in assets, over 135 employees, 14 branches, and over 35,000 members, Land of Lincoln offers a full menu of financial services including mortgages, auto loans, checking accounts and business loans and deposits. Land of Lincoln Credit Union remains dedicated to putting members first.
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
Noah Erxleben
Analyst