DECEMBER 21, 2022
Land of Lincoln Credit Union (“LLCU”) of Decatur, IL and Colchester State Bank (“Colchester”) of Colchester, IL jointly announced on December 21, 2022, that they have entered into an agreement whereby LLCU will acquire Colchester State Bank in Colchester, IL. Read the full press release.
While the agreement is contingent upon obtaining regulatory and Colchester stockholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both institutions. The transaction is expected to close by the end of the second quarter of 2023.
Robert Ares, President & CEO of Land of Lincoln stated “We are excited for the opportunity to partner with Colchester State Bank and to improve access to our service in McDonough County and other contiguous market areas. Colchester State Bank is a well-managed bank, and we look forward to welcoming their customers and employees into our family."
Mark Reynolds, Chairman, President & CEO of Colchester State Bank commented, “After carefully considering what is best for our employees, customers, shareholders, and the communities we serve, we believe our decision to become a part of Land of Lincoln Credit Union is the best path forward for our organization. We are excited to bring together two organizations focused on exceptional customer service and high value products, as well as a philosophy of strong community support.”
LLCU WELCOMES COLCHESTER STATE BANK CUSTOMERS!
We understand that you will have many questions about this change. Please bookmark our website and check back often for updates about this partnership and how it will impact you. Many more details will be added to this page as we move through this transition. Here is some information that you might find useful for now:
Q: What will happen to Colchester State Bank employees?
A: Colchester State Bank employees will become Land of Lincoln Credit Union employees at the official date of acquisition. LLCU has a strong, proven culture of developing and valuing our employees and we are confident that CSB employees will feel at home with us quickly. All staff at the Colchester branch will remain there, as well. You will continue to see the same friendly faces in Colchester that you've enjoyed seeing as a customer of the bank.
Q: When will this transition officially take place?
A: This transaction is expected to close by the second quarter of 2023 (June 2023).
Q: I've never been a member of a credit union. What is the difference between a credit union and a bank?
A: From the perspective of financial products and services, you will see no difference at all. LLCU offers all of the same products & services as Colchester State Bank, plus a few additional. The main difference between a bank & a credit union is that credit unions are not-for-profit. The members are the owners, and therefore any profit is to be returned to members by way of dividends and/or competitive loan rates. View a video from one of our Branch Managers explaining more about the credit union difference.
Q: Will I have to officially become a member of Land of Lincoln Credit Union?
A: Once the transaction takes place, you will automatically become an LLCU member. No action will be needed on your part to apply for a membership.
Q: I have so many questions about the logistics of this switch. Like, will I need new checks?, a new debit card?, will my loan rate change?, etc. Where can I find answers to all of these questions.
A: As we near the official transition date, LLCU will provide all Colchester State Bank customers with a handbook that will provide you with all of the information you will need to make a smooth transition to LLCU.
Q: Will I be able to use other LLCU branches and/or ATMs?
A: Yes - LLCU has 13 other branches throughout central Illinois in the following cities: Decatur, Springfield, Bloomington, Mattoon, Effingham, Pana, Vandalia, and Centralia. We also serve a field of membership that extends throughout 27 central Illinois counties. See the full list of our service counties. Additionally, LLCU is a part of the cooperative shared branching network, which means you will be able to use the branches and ATMs of numerous other credit unions throughout all of the U.S. at NO CHARGE. View shared branches that you will have access to as an LLCU member.
Q: I don't really know anything about LLCU. Is it a strong credit union and how involved are they in their communities?
A: LLCU has approximately $375 million in assets, over 120 employees, 13 branches, and over 34,000 members, Land of Lincoln Credit Union offers a full menu of financial services including mortgages, auto loans, checking accounts and business loans and deposits. Land of Lincoln Credit Union remains dedicated to putting members first. The LLCU Guiding Mission is to provide our members education and tools to achieve financial success. We do this by offering FREE financial counseling, not only to our members, but to the general public. We regularly host FREE workshops and seminars on a variety of topics from budgeting, managing your credit score, first-time home buying and more.
Finally, and most importantly, at LLCU we are committed to investing in the communities we serve. In 2022 alone, we donated over $188,000 to local non-profits throughout central Illinois and our staff volunteered over 2,400 hours to non-profit agencies.
CHECK BACK OFTEN FOR UPDATES REGARDING THIS PARTNERSHIP!
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