DECATUR, Ill.–Land of Lincoln Credit Union said it has entered into an agreement to purchase the $97-million Williamsville State Bank and Trust of Williamsville, Ill., and wholly-owned subsidiary of WSB Financial, Ltd.
It is an all-cash transaction, according to the two parties, although terms of the deal were not released.
According to the $477.6-million Land of Lincoln CU, while the agreement is contingent on obtaining regulatory and WSB Financial, Ltd. stockholder approvals, the proposed transaction has been unanimously approved by the boards of both institutions and is expected to close in the first half of 2026.
The two institutions are approximately 40 miles apart.
The acquisition of Williamsville State Bank is not the first by Land of Lincoln Credit Union, which in 2023 acquired Colchester State Bank.
Following the completion of the transaction, Williamsville will liquidate and distribute its remaining assets to its stockholders. When the purchase is complete, Land of Lincoln will have $576 million in assets and further grow its footprint in Sangamon County by adding an additional branch in Springfield as well as a branch in Sherman, and Williamsville, Ill. The acquisition will bring the total number of LLCU branches to 18.
The Financials
LLCU posted $1.27 million in net income as of mid-year, with net worth of 9.81%.
The bank, which opened in 1890, has 23 employees, had net income of $335,000 at mid-year.
Robert Ares, President & CEO of Land of Lincoln stated, “The acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches to better assist our members in Illinois,” LLCU President and CEO Robert Ares said in a statement. “We are excited for the opportunity to partner with Williamsville and to improve access to our services in Sangamon County and other contiguous market areas. Williamsville is a well-managed bank, and we look forward to welcoming their customers and employees into our family.”
The Advisors
Luse Gorman, PC is serving as legal counsel to Land of Lincoln Credit Union and Doeren Mayhew Advisors, LLC is serving as financial advisor. Howard & Howard is serving as legal counsel to Williamsville State Bank & Trust and WSB Financial, Ltd. and Olsen Palmer LLC is serving as financial advisor to Williamsville State Bank & Trust and WSB Financial, Ltd.
