An Illinois credit union has agreed to purchase four Simmons Bank branches near St. Louis.
Citizens Equity First Credit Union (CEFCU) of Peoria, Ill. and Simmons Bank have entered into an agreement that will allow the credit union to acquire the four branches that are in the Metro East region of southern Illinois. This transaction will also include “select loan and deposit accounts, along with non-deposit product relationships,” according to a news release.
“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,” Simmons Bank president and CEO George Makris, Jr. said in a statement.
Approval from state and federal regulators is currently pending. However, the transaction is projected to close in the first quarter of 2021. These four locations will bring CEFCU’s total number of locations to 31.
Headquartered in Pine Bluff, Simmons Bank has locations in Arkansas, Missouri, Tennessee, Oklahoma and Kansas. This transaction marks an effective exit for Simmons Bank from the Illinois market.
Simmons Bank has consolidated assets of approximately $21.4 billion as of Sept. 30. In the first nine months of 2020, Simmons Bank saw its year-to-date net income rise to $201.9 million, according to its third quarter financial report. This was a significant increase from its 2019 year-to-date figures of $185.1 million for the third quarter.