The Bank Slate


Land of Lincoln Credit Union to buy Illinois bank

Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Colchester State Bank in Colchester, Ill.

The $378 million-asset Land of Lincoln announced on its website that it expects to complete the purchase of the $82 million-asset Colchester by the end of the second quarter. The price wasn’t disclosed.

“We are excited for the opportunity to partner with Colchester … and to improve access to our service in McDonough County and other contiguous market areas,” Robert Ares, the credit union’s president and CEO, said in the release.

Colchester “is a well-managed bank, and we look forward to welcoming their customers and employees into our family,” Ares added.

Land of Lincoln is the 16th credit union to announce a planned bank acquisition in 2022.

McQueen Financial Advisors and Luse Gorman advised Land of Lincoln Credit Union. Liles Parker advised Colchester.

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