Illinois Credit Union Plans Bank Acquisition
NuMark Credit Union expects to close its purchase of Pioneer State Bank during the fourth quarter.
The eighth credit union-bank acquisition of 2022 was announced Thursday by the $623 million NuMark Credit Union in Joliet, Ill., which plans to purchase the $135 million Pioneer State Bank in Earlville, Ill.
Financial terms were not disclosed of NuMark’s first bank buy deal.
Founded in 1901, Pioneer State Bank’s 27 employees operate four branches in Earlville, Paw Paw and Sublette. The bank also runs one seasonal location.
According to financial reports filed with the FDIC at the end of the first quarter, Pioneer State posted more than $113 million in deposits, $13.7 million in capital and a net income of $202,000. It recorded an ROA of 0.60%. The state-chartered bank specializes in commercial lending, including agricultural services.
If the proposed deal closes during the fourth quarter, the combined financial institutions will manage assets of nearly $760 million, in addition to $660 million in deposits and $470 million in loans, according to a prepared statement.
NuMark’s 75 employees operate 11 branches and serve more than 55,000 members.