Published in Finance

Advia Credit Union to acquire Illinois bank

BY Monday, November 19, 2018 09:18am

PARCHMENT — Advia Credit Union would gain a larger market presence in northern Illinois with the proposed acquisition of Golden Eagle Community Bank.

The deal would give Advia Credit Union, which is based in Parchment, north of Kalamazoo, three more offices in the northern Illinois and southern Wisconsin market for a total of 13.

Advia President and CEO Cheryl DeBoer COURTESY PHOTO

The acquisition would be Advia’s third for a bank in more than two years. The credit union previously acquired Peoples Bank in Elkhorn, Wis., in 2017 and Mid America Bank in southern Wisconsin in 2016.

Acquisition of the Woodstock, Ill.-based Golden Eagle Community Bank could close in the second quarter of 2019, pending regulatory and shareholder approval. Terms of the deal, which the credit announced last week, were undisclosed.

“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,” Advia President and CEO Cheryl DeBoer said in a statement.

The deal would grow Advia Credit Union to 160,000 members with 32 branches in Illinois, Michigan, and Wisconsin.

Advia Credit Union at the end of the third quarter had $1.7 billion in total assets with $1.44 billion in deposits, and $1.41 billion in total loans, including $223.2 million in commercial loans, according to a quarterly financial report filed with federal regulators. The eighth-largest credit union based in Michigan as ranked by assets, Advia had 153,353 members as of Sept. 30 and $6.9 million in net income.

Golden Eagle Community Bank had total assets of $155 million as of Sept. 30 and deposits of $132.2 million, according to a quarterly financial report to the FDIC. The bank had net income of $683,000 through the third quarter.

Michael Bell of Howard & Howard PLLC served as Advia Credit Union’s legal adviser in the transaction. Memphis, Tenn.-based Mercer Capital was the financial adviser.

Additional Info

  • Image_Position: Headshot
Read 1714 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >