DECATUR, Ill. — Land of Lincoln Credit Union has completed its acquisition of Williamsville State Bank & Trust, adding two branches and expanding the Decatur-based credit union’s presence in the greater Springfield market.
The $500-million Land of Lincoln said it acquired substantially all of the bank’s assets and assumed substantially all of its liabilities through a purchase and assumption transaction.
The deal adds Williamsville State Bank & Trust’s locations in Sherman and Williamsville to the credit union’s network, bringing Land of Lincoln to 15 branches.
At the time the acquisition was announced, the bank had $97 million in assets.
‘Part of Growth Plan’
“We look forward to welcoming Williamsville State Bank’s customers and employees to LLCU and to improving access to our services throughout the greater Springfield area,” Land of Lincoln President and CEO Robert Ares said in a statement.
The credit union said the acquisition is part of a strategic growth plan focused on adding branches and entering new markets in Illinois while expanding services available to its members.
Doeren Mayhew served as financial adviser to Land of Lincoln on the transaction. Luse Gorman PC served as legal counsel.
