Verve CU To Acquire South Central Bank
Subject to Regulatory Approval
OSHKOSH, Wis.—Verve, a Credit Union said it plans to acquire South Central Bank NA, a $300-million community bank based in the Chicago area.
The acquisition of South Central Bank is expected to be finalized in the fourth quarter, pending regulatory approval. For the $936-million Verve, the South Central Bank purchase in just the latest in a number of CU mergers over the last three years.
Originally established in 1965 as a community bank, South Central Bank offers a full range of financial services and primarily focuses on business banking with five branches located in areas around Chicago, Verve said.
Statement from Verve CU President & CEO:
Verve, a Credit Union said the addition will not only boost its financial strength, but aligns well with its focus on business lending. “Not only will this acquisition allow us to grow in a new thriving market but financially it makes sense for the entire membership of Verve,” said Kevin J. Ralofsky, president and CEO of Verve, a Credit Union. “South Central Bank is an extremely well-run bank and we look forward to expanding our field of membership and serving the Chicago market.”
Statement from South Central Bank President:
“Our commitment to supporting and growing our business customers led us to a partner who shares that same focus.” said Todd E. Grayson, president of South Central Bank. “This acquisition will allow us to continue to deliver products and services that our business customers expect from us. We are excited to gain additional resources that will help to drive their continued success.”
About Verve Credit Union
In 1937, seven Wisconsin Axle employees each contributed $1.25 and the Wisconsin Axle Credit Union was established. A new community-based charter was adopted in 1981 and the residents of Oshkosh were eligible to join Wisconsin Axle CU. As growth continued, a new name was needed “to reflect the credit union’s new reach and direction,” and in 1994, CitizensFirst Credit Union made its debut. Verve is currently Wisconsin’s 13th largest credit union, with more than 63,000 members and deposits in excess of $1.2 billion.
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.
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