Citizens Equity First Credit Union (CEFCU) of Illinois and Pine Bluff-based Simmons Bank have entered into an agreement for CEFCU to purchase four Simmons Bank branches located in the Metro East area of Southern Illinois, near St. Louis.
The two financial institutions said that select loan and deposit accounts, along with non-deposit product relationships, are included in the purchase. Financial terms of the deal were not disclosed.
“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,” said George Makris, Jr., President & CEO of Simmons Bank.
“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 & President Mark Spenny.
The transaction is subject to the approval of the purchase by the appropriate state and federal regulatory agencies and is expected to close in the first quarter of 2021.
CEFCU has assets totaling over $6.9 billion and has locations in Illinois and California.