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Citizens Equity First Credit Union of Peoria, Illinois, will buy four branches in southern Illinois from Simmons Bank of Pine Bluff.
The two institutions announced their agreement Monday. Terms of the deal were not disclosed, but select loan and deposit accounts, along with non-deposit product relationships, are included.
The deal is subject to state and federal regulatory approval, and CEFCU expects it to close in the first quarter of 2021.
“We are pleased about the opportunity this transaction provides our Illinois customers and associates and believe the partnership with CEFCU will be very beneficial for all stakeholders,” George Makris Jr., President and CEO of Simmons Bank, said in a news release.
“CEFCU has a longstanding history of success and growth through improving the financial well-being of members and the communities we serve. We’re excited to expand the opportunities for more individuals to experience the benefits of CEFCU membership,” said CEFCU CEO and President Mark Spenny.
The sale will bring CEFCU’s total locations to 31 throughout Illinois and California. With assets totaling more than $6.9 billion, CEFCU serves nearly 355,000 members.
Simmons Bank has more than 200 branches and had total consolidated assets of $21.4 billion as of Sept. 30.