Land of Lincoln Credit Union in Decatur, Illinois, has agreed to acquire Nokomis Savings Bank. In December, the credit union announced a deal to buy Colchester State Bank.
The volume of bank acquisitions either by credit unions or community banks has dropped considerably so far in 2023. Experts, including prospective buyers, cite a combination of ongoing regulatory and economic pressures.
Since 2011, and in ever-growing volume, credit unions have been buying community banks. Some see it as the free market at work while bankers say this is another example of credit unions' unfair advantage.
First Central Credit Union in Waco, Texas, agreed to purchase the branch and various assets from the bank, which is refocusing on its Harris and Tyler County markets.