Illinois Credit Union Plans Bank Branch Purchase
University of Illinois CU will expand its market presence with the acquisition of CIBM Bank location in Danville.
The $590 million University of Illinois Community Credit Union in Champaign said it expects to complete the purchase of a CIBM Bank branch in Danville, Ill., in the current quarter.
Financial terms of the transaction were not disclosed.
The deal will expand UICCU’s market presence in Danville where the credit union’s 166 employees currently operate two branches and five other locations in Champaign, Urbana, Normal and Bloomington, which serve more than 57,000 members.
Under the terms of the deposit assumption agreement, UICCU will assume most of the bank branch’s consumer deposits, including certificates of deposit, money market deposit accounts, IRA savings accounts, and interest-bearing and non-interest-bearing checking and savings accounts, according to a prepared statement.
As of Dec. 31, 2022, the retail deposit balances at the CIBM Bank branch in Danville were approximately $29 million. The number of customers the bank branch serves was not disclosed.
“As a local not-for-profit institution, we welcome this opportunity to further serve members in Vermilion County and continue the positive momentum in that community,” UICCU President/CEO Chris Harlan said in a prepared statement. “We are committed to providing an easy process for CIBM customers and delivering value to them through best-in-class technology, competitive rates, convenience and top products.”
J. Brian Chaffin, CEO of CIBM Bank, said the transfer of the accounts should be seamless and that CIBM customers will be receiving additional information after all required regulatory applications are approved. At that time, CIBM Bank depositors will automatically become depositors of UICCU.