Verve, a Credit Union has announced plans to purchase South Central Bank, National Association, a $300 million asset community bank based in the Chicago area. Headquartered in Oshkosh, Verve has more than $936 million in assets and serves more than 59,400 members at 16 locations.
Originally established in 1965 as a community bank, South Central Bank, NA offers a full range of financial services and primarily focuses on business banking with five branches located around Chicago.
The acquisition, which is expected to close in the fourth quarter, will strengthen Verve’s financial foundation allowing for continued growth, said Kevin J. Ralofsky, president and CEO of Verve, a Credit Union.
“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,” he said in a statement. “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.”
The South Central Bank acquisition is just the latest move for Verve, which has merged with several credit unions since 2014 including Lakeview in Neenah, Best Advantage in Brillion, Community (La Crosse) and Two Rivers Community.
After the acquisition is 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.