Land of Lincoln CU to acquire Nokomis Savings Bank
Decatur, IL and Nokomis, IL, April 28, 2023 – Land of Lincoln Credit Union (“Land of Lincoln”) of Decatur, IL and Nokomis Savings Bank (“Nokomis”) of Nokomis, IL jointly announced today that they have entered into an agreement whereby Land of Lincoln will acquire Nokomis Savings Bank.
While the agreement is contingent on obtaining regulatory and member approvals, as required, the proposed transaction has been unanimously approved by the boards of directors of both institutions. The transaction is expected to close by the end of the first quarter of 2024. When the acquisition is complete, Land of Lincoln will have approximately $482 million in assets and increase its footprint into Montgomery County, Illinois and the surrounding areas with a total of 15 branches.
McQueen acted as financial advisor to NuMark Credit Union and Luse Gorman, PC acted as its legal advisor in the transaction. Olsen Palmer LLC served as financial advisor to The Lemont National Bank and Lemont Bancorp, Inc. and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as its legal advisor.
Statement from Land of Lincoln's President & CEO:
Robert Ares, President & CEO of Land of Lincoln stated, “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. 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.”
Statement from Nokomis President:
Charles O’Malley, President of Nokomis commented, “We are delighted for the opportunity to join Land of Lincoln and believe this partnership will result in many benefits to our customers, employees, and community. We look forward to working with Land of Lincoln to see this exciting transaction through to closing.”
About Land of Lincoln Credit Union
With approximately $457 million in assets, over 120 employees, 14 branches, and over 34,000 members, Land of Lincoln Credit Union 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. More information about Land of Lincoln Credit Union can be found at www.llcu.org.
About Nokomis Savings Bank
Nokomis Savings Bank, a full-service community bank, has approximately $27 million in total assets, $21 million in deposits and $11 million in loans. With one location serving the West Central Illinois community, Nokomis Savings Bank has been providing exceptional customer service and high-quality products for over 100 years. More information about Nokomis Savings Bank can be found at www.nokomissavings.com.
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