Iowa credit union to enter Illinois through bank acquisition
Collins Community Credit Union in Cedar Rapids, Iowa, has agreed to buy First Savanna Savings Bank in Savanna, Ill.
The $1.2 billion-asset credit union disclosed the transaction on Thursday. It did not say how much it would pay for the $12.3 million-asset First Savanna. The move represents a push into western Illinois for the credit union.
The deal is expected to close in the first half of 2020. It is the 15th credit union-bank deal announced this year.
First Savanna has one branch, $10.4 million in deposits and $8.5 million in loans. The bank was hit with a consent order in March tied to concerns about its Bank Secrecy Act compliance.
“We are excited about this opportunity to partner with First Savanna … and expand our footprint into Illinois,” Stefanie Rupert, the credit union’s president and CEO, said in a statement. “Additionally, we are pleased to welcome First Savanna … team members and customers to the Collins Community family.”