Did A Massive Multistate Credit Union Just Close Another Small Community Bank? From CUtoday.info:
$1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woodstock, Ill.
The deal, which still awaits bank shareholder and state and federal regulatory approval, when finalized would make Advia the first credit union to close three whole-bank buys. The transaction is expected to be completed in the first quarter of 2019, Advia stated.
Advia purchased Peoples Bank of Elkhorn, Wis., in 2017, and Mid America Bank in Janesville, Wis. in 2016.
Dunedin, Fla.-based Achieva CU, Five Star CU in Dothan, Ala., and IBM Southeast Employees CU, Delray Beach, Fla., are the only other credit unions to buy more than one bank.
Last year Eagle Community Bank earned $686,000, and has shown net income of $448,000 this year through Sept. 30, according to FDIC data.
“We are thrilled to have the opportunity to welcome the customers of Golden Eagle Community Bank as members of Advia Credit Union,” said Cheryl DeBoer, Advia president and CEO. “At Advia, our mission is to provide financial advantages to those we serve. We are growing our commercial-focused financial solutions, strengthening our local position in Northern Illinois, and have a well-rooted commitment to community involvement and volunteerism, similar to that of GECB.”