Corporate America Family Credit Union has purchased Ben Franklin Financial, the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction. With branches in Arlington Heights, Ill. and Rolling Meadows, Ill., Ben Franklin Bank has $93.2 million in assets. Corporate America said the acquisition will boost its assets to approximately $700 million and its branch network to 22.
According to the credit union, the transaction will be the first time that a federal mutual holding company that converted to a stock holding company following the implementation of the Dodd-Frank Act will have its assets and liabilities sold to a credit union.
Both banking locations of Ben Franklin Bank of Illinois will continue to operate as branches of CAFCU after the transaction is finalized. Ben Franklin Bank’s customers will become members of CAFCU, which has approximately 67,000 members. Ben Franklin Bank was established in 1893 as a building and loan association.