Empeople Credit Union and TSB Bank Announce Agreement for Empeople Credit Union to Acquire TSB Bank
Moline, Illinois and Lomira, Wisconsin – [January 25, 2024] – Empeople Credit Union (“Empeople”) and TSB Bank (“TSB”) announced today they have entered into a definitive agreement in which Empeople will acquire Lomira, Wisconsin-based TSB Bank. The transaction is structured as a purchase and assumption agreement with Empeople purchasing substantially all assets and assuming substantially all liabilities of TSB Bank.
The agreement has been unanimously approved by the boards of directors of both institutions. Following the purchase and assumption transaction, TSB Bank intends to wind down and dissolve.
The transaction will expand Empeople’s business and commercial services for its members as well as enhance its presence in Wisconsin. TSB Bank customers will become members of Empeople Credit Union with full access to Empeople’s extensive product and service offerings.
“This is a very exciting time for both Empeople Credit Union and TSB Bank.” said Empeople Credit Union President and CEO Kurt Lewin. “I would like to welcome the customers and employees of TSB and look forward to working together to grow and expand services in the surrounding communities. TSB is an extremely well-run institution with a very long history in the area, where we also have members at the nearby John Deere Horicon Works facility. The expertise of the TSB staff and management will allow us to expand opportunities for our members who own and operate small businesses. Continued growth is important for the future, and this partnership will allow both institutions to continue to grow together.”
“We are very pleased with the transaction and believe TSB Bank’s customers, employees, communities and shareholders will all benefit,” TSB Bank Chairman and CEO Thomas M. O’Connor said in a statement. “Under the agreement, we will continue operations as TSB Financial, a division of Empeople Credit Union. The communities we serve will continue to experience a customer-focused approach from familiar individuals in existing locations.”
The transaction is anticipated to be completed in the fourth quarter of 2024 subject to receiving all regulatory approvals, approval by the shareholders of TSB Bank, and other customary closing conditions. Until the transaction is finalized, both organizations will continue to conduct business as usual.
Empeople was advised by McQueen Financial Advisors, as financial advisor, and Luse Gorman, as legal counsel. TSB Bank was advised by Reinhart Law, as legal counsel.
Empeople was founded in Moline, Illinois, in 1935 under the name “Deere & Company Credit Union” and currently has approximately 240 employees, operations in seven states, and has 73,000 members. With approximately $2 billion in assets, Empeople is the 6th largest credit union in Illinois. Empeople expanded its operations in May of 2021 when it merged with Infinity Federal Credit Union.
Established in 1905 in Theresa, Wisconsin as the Theresa State Bank, TSB has transformed over the years from a single branch to a full-service community-based commercial bank with approximately 25 employees serving its customers throughout the Wisconsin area. As of December 31, 2023, TSB Bank had total assets of $182 million and deposits of $151 million.
More about Empeople Credit Union
Empeople Credit Union is a not-for-profit, member-owned financial cooperative with a mission of helping members achieve their financial goals. Empeople was founded in 1935 and now serves more than 73,000 members online and in 29 branches across Illinois, Iowa, Maine, North Dakota, North Carolina, Wisconsin, and Georgia. Learn more at empeople.com.
More about TSB Bank
TSB Bank, an FDIC insured Wisconsin State-chartered commercial bank and headquartered in Lomira, Wisconsin, was founded in 1905 and operates through 3 separate branches serving the Eastern Wisconsin area. Learn more at tsbbanking.com.