Land of Lincoln Credit Union to acquire Nokomis Savings Bank
DECATUR, IL (April 28, 2023) — Land of Lincoln Credit Union (“Land of Lincoln”) of Decatur, IL and Nokomis Savings Bank (“Nokomis”) of Nokomis, IL jointly announced today that they have entered into an agreement whereby Land of Lincoln will acquire Nokomis Savings Bank.
While the agreement is contingent on obtaining regulatory and member approvals, as required, 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 first quarter of 2024. When the acquisition is complete, Land of Lincoln will have approximately $482 million in assets and increase its footprint into Montgomery County, Illinois and the surrounding areas with a total of 15 branches.
Robert Ares, President & CEO of Land of Lincoln stated, “We are excited for the opportunity to partner with Nokomis Savings Bank and expand access to our service in Montgomery County and other contiguous market areas. This acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches and markets to better assist our members throughout Illinois. Nokomis Savings Bank’s customers will become members of Land of Lincoln with full access to our wide array of products and services. We look forward to welcoming Nokomis Savings Bank’s customers and employees into our family.”
Charles O’Malley, President of Nokomis commented, “We are delighted for the opportunity to join Land of Lincoln and believe this partnership will result in many benefits to our customers, employees, and community. We look forward to working with Land of Lincoln to see this exciting transaction through to closing.”
About Land of Lincoln Credit Union
Land of Lincoln Credit Union was founded in 1947. As a full-service financial institution, LLCU serves nearly 35,000 members. Membership in LLCU is open to anyone who lives or works in 28 Illinois counties and their immediate family members. Land of Lincoln Credit Union offers 15 convenient locations in 10 cities to best serve the needs of its membership. As a part of the CO OP shared branching network, members also have access to over 5,000 branches and 30,000 ATM locations nationwide. For more information, visit us online at llcu.org.
