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.