Peoria-based Citizens Equity First Credit Union has purchased four Metro East branches of Simmons Bank.
The four additional branches bring CEFCU’s total locations to 31 throughout Illinois and California.
The new locations in Metro East are in O’Fallon, Columbia, Edwardsville and Godfrey
Terms of the deal were not disclosed. Select loan and deposit accounts, along with non-deposit product relationships, are included in the purchase.
Subject to the approval of the purchase by the appropriate state and federal regulatory agencies, CEFCU expects the transition to occur in the first quarter of 2021. Customers of the four Simmons’ branches will receive communications from CEFCU and Simmons Bank with additional information about the change.
“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 and President Mark Spenny (shown) in a statement.
“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 and CEO of Simmons Bank.
With assets totaling over $6.9 billion, CEFCU serves nearly 355,000 members through 26 Illinois Member Centers and five California Member Centers, the CEFCU Financial Center, the Money Center 24 ATM Network, CEFCU’s website, cefcu.com, the surcharge-free CO-OP ATM Network, and the CU Service Center Shared Branch Network.
About Simmons Bank
Simmons Bank is an Arkansas state-chartered bank that began in 1903. Simmons Bank today assists customers from more than 200 branch locations. Simmons Bank is the subsidiary bank for Simmons First National Corporation (NASDAQ: SFNC), a publicly traded bank holding company headquartered in Pine Bluff, Ark., with total consolidated assets of $21.4 billion as of Sept. 30, 2020. Visit simmonsbank.com.