The Impact of Credit Unions on Illinois

Another Day, Another Bank Bought by a Credit Union: Latest Deal Marks Sixth in 2022 The latest bank-grab is Wisconsin’s CoVantage Credit Union snapping up Illinois-based LincolnWay Community Bank’s assets and customer base. The purchase of $277 million LincolnWay will bring CoVantage to over $3 billion in assets. Not exactly your father’s Oldsmobile, right? More like his fully loaded, mint-condition Cadillac.  

Out-of-state Credit Union Buying Nebraska and Illinois Banks GreenState Credit Union, an Iowa-based industry giant with 270,000 members and nearly $7.5 billion in assets, announced in May 2017 its plan to buy not one but two out-of-state banks in Nebraska and Illinois in an effort to expand its geographic footprint and fuel membership growth.

Iowa Credit Union Proposes Buying Illinois, Nebraska Banks Iowa’s largest credit union, GreenState Credit Union, buys two banks that collectively manage assets of more than $1.1 billion.

Verve Credit Union Acquires Illinois Bank Verve, an Oshkosk, Wis., credit union said it planned to acquire South Central Bank NA, a $300-million community bank based in the Chicago area.

In First-of-its-Kind Deal, Corporate America Family CU Buying Bank Corporate America Family Credit Union has purchased Ben Franklin Financial, the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction.