Parchment, Mich.-based Advia Credit Union plans to acquire Golden Eagle Community Bank of Illinois in a move to further grow its presence in Illinois and southern Wisconsin.
Golden Eagle opened first opened its doors in 2007 and holds about $155 million in assets, with 32 employees across three locations in Woodstock, Cary and Crystal Lake, Ill.
The transaction, announced Nov. 15, is still subject to regulatory and shareholder approvals, but is expected to close during the second quarter of 2019.
Upon closing the deal, the $1.7 billion-asset CU will serve more than 160,000 members and have 13 locations across Illinois and southern Wisconsin, along with 19 locations in Michigan.
“We are thrilled to have the opportunity to welcome the customers of Golden Eagle Community Bank as members of Advia Credit Union,” Cheryl DeBoer, Advia's president and CEO, said in a press release. “We are growing our commercial-focused financial solutions, strengthening our local position in Illinois and Wisconsin, and have a well-rooted commitment to community involvement and volunteerism.”
Steven Finzel, Golden Eagle’s president, CEO and CFO, described Advia as a “strong financial institution” and added that with its size and resources, Advia has the “proven ability to provide competitive and innovative products to our consumer and commercial clients.”
Advia posted net income of about $6.9 million in the first nine months of 2018, a 26 percent drop from the same period of 2017.
Michael Bell, an attorney at Howard & Howard of Royal Oak, Mich., served as Advia’s legal advisor in the merger. Bell told Credit Union Journal that he regards Advia as an “experienced and efficient acquirer.” For example, in September 2017, Advia acquired Peoples Bank of Elkhorn, Ind. In July 2016,
“At this moment we are experiencing more deal flow between banks and credit unions than ever before,” Bell added. “In context this is a powerful statement, since 2017 was the most active year to date.”
In August 2018,
Bell further said “opportunities abound” and that banks and investment bankers continue to embrace adding credit unions to their bid lists.
