Wisconsin-based Verve, a Credit Union, has agreed to purchase Illinois-based South Central Bank, National Association.
South Central Bank specialises in business banking and has five branches around Chicago.
Go deeper with GlobalData
Verve manages over $936m in assets. The firm caters to more than 59,400 members.
The acquisition will add $300m in assets to Verve’s books, taking its total assets under management to more than $1.2bn.
It will also increase Verve’s branch count to 21.
The merged group will tend to around 66,000 members.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe transaction, whose financial terms were not divulged, in anticipated to be completed in the final quarter of this year.
The deal is subject to regulatory nod.
Verve president and CEO Kevin Ralofsky said: “Not only will this acquisition allow us to grow in a new thriving market but financially it makes sense for the entire membership of Verve.
“South Central Bank, NA is an extremely well-run bank and we look forward to expanding our field of membership and serving the Chicago market.”
Verve has executed several other merger deals in the recent times.
These include its merger with Lakeview Credit Union, Best Advantage Credit Union, Community Credit Union and Two Rivers Community Credit Union.
Banks’ acquisitions by credit unions have been rampant this year.
This March, Power Financial Credit Union agreed to buy TransCapital Bank.
A month later, Teachers Credit Union announced the acquisition of New Buffalo Savings Bank.
