Credit union acquiring $155M bank
A credit union in the region is acquiring an out-of-state bank as part of an ongoing expansion in the Midwest.
Parchment-based Advia Credit Union said last week it is acquiring Woodstock, Illinois-based Golden Eagle Community Bank.
Terms of the deal were not disclosed.
The transaction, which is subject to regulatory and shareholder approval, is expected to close in the summer of 2019.
Cheryl DeBoer, president and CEO of Advia, said the credit union is “thrilled” about the deal.
Steven Finzel, president, CEO and CFO of Golden Eagle Community Bank, said the bank’s “employees, shareholders and the community will all benefit” from the acquisition.
“In addition to size and resources, Advia has the proven ability to provide competitive and innovative products to our consumer and commercial clients — with focus on their overall financial well-being,” Finzel said.
Following the acquisition, including organic growth, Advia Credit Union expects to have over $1.9 billion in assets and more than 600 employees in Michigan, Illinois and Wisconsin.
Advia also recently acquired two other banks: Janesville, Wisconsin-based Mid America Bank in 2014 and Elkhorn, Wisconsin-based Peoples Bank in 2017.
Post-acquisition, customers of Golden Eagle Community Bank will be added as member-owners of Advia Credit Union, bringing its membership to 160,000 people across 32 locations.
Dennis Wendte, of Chicago-based Barack Ferrazzano Kirschbaum & Nagelberg, served as Golden Eagle Community Bank’s legal advisor on the transaction.
Inverness, Illinois-based Hovde Group served as Golden Eagle’s financial advisor.
Michael Bell, of Ann Arbor-based Howard & Howard, served as Advia’s legal advisor.
Memphis, Tennessee-based Mercer Capital served as Advia’s financial advisor.
Advia Credit Union
With roots dating to 1938, Advia Credit Union provides personal and business banking services.
It has 29 locations and offers digital and mobile platforms.
Advia also provides more than 30,000 fee-free ATM locations through its Co-op Network and select retail outlets.
Golden Eagle Community Bank
Founded in 2007, Golden Eagle Community Bank has about $155 million in assets, 32 employees and three locations in Illinois: Woodstock, Cary and Crystal Lake.