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Citizens Equity First Credit Union of Peoria, Ill., completed its purchase of four Illinois branches from the Pine Bluff, Ark.-based Simmons Bank, the credit union announced last week.
The purchase agreement, which the credit union signed and announced in December 2020, increases CEFCU's assets by just over $150 million and its number of branches to 31, CEFCU said. At the end of January 2021, the credit union had just over $7 billion in assets. The purchased branches are located in Columbia, Edwardsville, Godfrey and O'Fallon – all small cities located east of St. Louis, Mo. CEFCU operates 22 other branches in Illinois and five in California, and serves approximately 357,000 members.
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"The completion of the purchase strengthens our ability to serve all CEFCU member/owners and we look forward to providing these new members and communities with quality financial products and services," CEFCU President/CEO Mark Spenny said in a prepared statement.
Credit union bank acquisition activity has been light thus far in 2021, with only two other credit unions announcing their intent to purchase banks. In early March, the $781 million Heritage Federal Credit Union in Newburgh, Ind., said it expects to close on the acquisition of the $86.5 million Elberfeld State Bank on March 31, and in January, the $6.7 billion Wings Financial Credit Union in Apple Valley, Minn., agreed to acquire the $72.3 million Brainerd Savings & Loan in Brainerd, Minn.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
