Scott Credit Union Completes Acquisition of Tempo Bank
Purchase increases the credit union’s footprint to 22 branches across the Metro East and St. Louis markets.
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.
The acquisition, initially announced in August 2021, included Tempo Bank’s main office that also operates as a branch in Trenton and its branch in Breese, which will increase Scott’s footprint to 22 branches across the Metro East and St. Louis markets.
“Tempo Bank represents our expansion into Clinton County, and a significant increase in products and services for local residents,” Scott’s President/CEO Frank Padak said in a prepared statement. “Chairman, CEO and CFO Robert J. Stroh Jr.’s leadership has fostered a customer-centric culture that closely aligns with our core values. We look forward to benefiting from the strong foundation he has established going forward.”
Stroh is retiring after 45 years of service.
“The transaction is more than just business. It’s mutually beneficial for Tempo Bank’s customers and Scott Credit Union members alike,” Padak said. Scott serves nearly 149,000 members, according to its first quarter Call Report filed with the NCUA.
“We desire to provide close, convenient branch access for those living or working in our service area, and by acquiring locations in Breese and Trenton, Illinois, we will be making a difference for residents of Clinton County,” he said.
Sugar Creek Financial Corp., the holding company for Tempo Bank, has not been purchased by Scott.