Verve CU to Acquire Chicago-based Community Bank

Crain Chicago Business is reporting that Verve Credit Union (Oshkosh, WI) has entered into a deal to buy South Central Bank (Chicago, IL).

This is the second Illinois bank to be acquired by an out-of-state credit union in the last 7 months..

Verve Credit Union has $986 million in assets.

South Central Bank has 5 locations and $295.9 million in assets.

While the sales price was not disclosed, Crain Chicago stated that the price was "higher than the going rate of about 1.5 times book value for community banks in Chicago."

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