OSHKOSH, Wis. — Verve, a credit union, has announced plans for its intent to acquire South Central Bank, a $300 million asset community bank based in the Chicago area. The acquisition of South Central Bank is expected to be finalized in the fourth quarter, pending regulatory approval.
According to a press release from Verve, the South Central Bank purchase follows a number of mergers that have grown the cooperative — a 2014 merger with Lakeview (Neenah, Wis.) and Best Advantage (Brillion, Wis.) credit unions, and mergers with Community (La Crosse) and Two Rivers Community (Two Rivers, Wis.) Credit Unions in 2015.
“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.” said Kevin J. Ralofsky, president and CEO of Verve, a Credit Union.
Once finalized, the combined organization will total more than $1.2 billion in assets, operate 21 branches and serve nearly 66,000 members in 24 counties.