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Land of Lincoln Credit Union to acquire Williamsville State Bank and Trust

Decatur and Williamsville, IL (August 29, 2025) |

Land of Lincoln Credit Union (“Land of  Lincoln”) of Decatur, IL and Williamsville State Bank and Trust (“Williamsville”) of Williamsville,  IL and wholly-owned subsidiary of WSB Financial, Ltd., jointly announced today that they have entered into a definitive agreement whereby Land of Lincoln will purchase substantially all of  the assets and liabilities of Williamsville in an all-cash transaction.  

While the agreement is contingent on obtaining regulatory and WSB Financial, Ltd. stockholder  approvals, the proposed transaction has been unanimously approved by the boards of directors  of both institutions. The transaction is expected to close in the first half of 2026. Following the  completion of the transaction, Williamsville will liquidate and distribute its remaining assets to  

its stockholders. When the purchase is complete, Land of Lincoln will have $576 million in  assets and further grow its footprint in Sangamon County by adding an additional branch in  Springfield as well as a branch in Sherman, and Williamsville, IL. Total number of LLCU branches  will be 18. 

Robert Ares, President & CEO of Land of Lincoln stated, “The acquisition is part of Land of  Lincoln’s strategic growth plan, which includes adding branches to better assist our members in  Illinois. We are excited for the opportunity to partner with Williamsville and to improve access  to our services in Sangamon County and other contiguous market areas. Williamsville is a well managed bank, and we look forward to welcoming their customers and employees into our  family.”  

Catherine Gonzalez, President and Chief Executive Officer of Williamsville commented, “We are  excited about our new partnership with Land of Lincoln. Like Williamsville, Land of Lincoln is a  community-focused institution, and the combined resources of the combined institution will  ensure that our customers, employees and communities have expanded financial services and  membership benefits going forward.”  

Luse Gorman, PC is serving as legal counsel to Land of Lincoln Credit and Doeren Mayhew  Advisors, LLC is serving as financial advisor to Land of Lincoln Credit Union. Howard & Howard  is serving as legal counsel to Williamsville State Bank & Trust and WSB Financial, Ltd. and Olsen  Palmer LLC is serving as financial advisor to Williamsville State Bank & Trust and WSB Financial,  Ltd.  

Land of Lincoln Credit Union

Land of Lincoln Credit Union was founded in 1947. As a full-service financial institution, LLCU serves over 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. 

Contact

Cayla Hittmeier,
Chief Marketing Officer
Land of Lincoln Credit Union
(217) 615-3717 | chittmeier@llcu.org

Williamsville State Bank and Trust

Williamsville State Bank and Trust, the wholly owned subsidiary of WSB Financial, Ltd., a full service community bank, has approximately $97 million in total assets, $86 million in deposits and $29 million in loans, and three branch offices serving its market areas with exceptional customer service and high-quality products. More information about Williamsville State Bank  and Trust can be found at www.wsbt.net. 

Forward-Looking Statements

Certain statements contained herein are "forward looking statements" within the meaning of federal and state securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "pro forma," or similar expressions, or future or conditional verbs, such as "will," "would," "should," "could," or "may." These forward-looking statements are based on current beliefs and expectations of Palmetto Citizens' management or Southern Bank's management, respectively, which each management team believes to be reasonable as of the date of this press release. These forward-looking statements are inherently subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of Palmetto Citizens or Southern Bank. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in or implied by the forward-looking statements as a result of numerous factors, and depend on the Palmetto Citizens' and Southern Bank's ability to close the transaction in a timely manner and to realize the anticipated benefits of the transaction. ...

 

The transaction is subject to regulatory approval and other conditions. The actual amount of deposits that are acquired under the agreement is subject to change prior to closing. Targeted financial benefits are subject to significant uncertainty, and Palmetto Citizens' expected benefits of the transaction may be affected or offset by other conditions related to Palmetto Citizens' operation. You should not place undue reliance on forward-looking statements, which reflect expectations only as of the date of this release. Neither Palmetto Citizens nor Southern Bank undertake any obligation to update any forward-looking statement, except as otherwise required by law.

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