Collins Community Credit Union ("Collins Community") and First Savanna Savings Bank ("FSSB") jointly announced Thursday, Nov. 21, the signing of a purchase and assumption agreement pursuant to which Collins Community will acquire substantially all of the assets and assume substantially all of the liabilities of FSSB in an all-cash transaction.
With this acquisition, Collins Community expands its footprint into the Savanna market in western Illinois.
"We are excited about this opportunity to partner with First Savanna Savings Bank and expand our footprint into Illinois,” said Stefanie Rupert, president and CEO of Collins Community. “Additionally, we are pleased to welcome First Savanna Savings Bank team members and customers to the Collins Community family. Our vision has always been to ignite the financial futures of our employees, members, and the communities we serve. We are excited to grow in partnership with the community of Savanna."
First Savanna Savings Bank CEO Steven McIntyre said, "I am thrilled for our team to be part of a larger community-based financial institution and for our customers to have access to a broader array of products going forward. "Both organizations have a strong tradition of high-quality service and building close relationships with our clients and the communities we serve."
The proposed acquisition has received unanimous approval from the board of directors of each organization and is subject to regulatory approvals as well as other customary closing conditions.
Following the completion of the transaction, FSSB's customers will become members of Collins Community and FSSB will be dissolved. The acquisition is expected to close in the first half of 2020.
Howard & Howard Attorneys PLLC served as Collins Community's legal advisor. Olsen Palmer LLC served as financial advisor to FSSB and Godfrey & Kahn, S.C. served as FSSB's legal advisor.
Collins Community Credit Union is a Cedar Rapids, Iowa-based credit union that operates 16 locations throughout Iowa. As of June 30, 2019, Collins Community had $1.2 billion in total assets, $1.1 billion in deposits, and $1.0 billion in gross loans. For additional information, locations and hours of operation, please visit www.collinscu.org.
First Savanna Savings Bank, a mutual savings bank, is headquartered in Savanna, Illinois, with approximately $12 million in total assets, $11 million in deposits and $8.5 million in loans as of June 30, 2019. For additional information about FSSB, please visit www.firstsavannasavings.com.