financial acquisition announced Acquisition announcement. (Source: Shutterstock)

The $1.6 billion Scott Credit Union completed the acquisition of the $89 million Tempo Bank in Trenton, Ill., for approximately $14.2 million in cash, the Edwardsville, Ill.-based financial cooperative said Friday.

Founded in 1889, Tempo Bank’s 16 employees operate two branches that serve nearly 5,000 customers. Specializing in mortgage lending, the bank managed total deposits of more than $73 million and equity of $9.7 million at the end of the first quarter, according to the bank’s financials filed with the FDIC.

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