two hands shaking on a deal Source: Shutterstock.

The $1.5 billion Scott Credit Union in Edwardsville, Ill., signed a definitive purchase and assumption agreement to acquire the $92.9 million Tempo Bank in Trenton, Ill., for $14.2 million in cash, the financial institutions announced in a joint statement Friday.

Founded in 1889, Tempo Bank’s 16 employees operate two branches that serve nearly 5,000 customers. Specializing in mortgage lending, the bank posted a net income of $1.5 million, and managed total deposits of $76.4 million and equity of $10.5 million at the end of the second quarter.

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