EARLVILLE – NuMark Credit Union (“NuMark”) of Joliet, and Pioneer State Bank (“Pioneer”) in Earlville, jointly announced June 3 that they have entered into an agreement whereby NuMark will purchase substantially all of the assets and liabilities of Pioneer State Bank, a wholly-owned subsidiary of NBE Bancshares, Inc., in an all-cash transaction.
While the agreement is contingent on obtaining regulatory and Pioneer shareholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both organizations. The transaction is expected to close in the fourth quarter of 2022. Following the completion of the transaction, Pioneer will liquidate and distribute its remaining assets to NBE Bancshares, Inc. and then NBE Bancshares, Inc. will dissolve and distribute its remaining assets to its stockholders. When the purchase is complete, NuMark will have $759 million in assets and increase its footprint beyond the Chicagoland area into Central Illinois with a total of 13 branches.
Lloyd Fredendall, President & CEO of NuMark stated “We are excited for the opportunity to partner with Pioneer State Bank and look forward to welcoming their customers and employees into our family. It is clear to us that our organizations share a common vision in that we are both invested in the importance of putting people and community first in all that we do. As we welcome Pioneer customers into the NuMark Credit Union family, we look forward to providing a top-notch experience by focusing on our member-owners’ needs, and offering value-added products, services, and technology in our ongoing quest to help our members do more with their money.”
Michael Stevens, Chairman & CEO of Pioneer commented, “After carefully considering what is best for our employees, customers, shareholders, and the communities we serve, we believe our decision to become a part of NuMark is the best path forward for our organization. We are excited to bring together two organizations focused on exceptional customer service and high value products, as well as a philosophy of strong community support.”
McQueen Financial Advisors served as financial advisor and Luse Gorman, PC served as legal advisor to NuMark Credit Union. Pioneer State Bank was advised by the investment banking firm of Olsen Palmer LLC while Godfrey & Khan, S.C. served as legal advisor.
About NuMark Credit Union
With $624 million in assets, over 140 employees, nine branches, and over 50,000 members, NuMark Credit Union offers a full menu of financial services including mortgages, auto loans, free checking accounts and business loans and deposits. NuMark remains dedicated to putting members first, treating them like family and helping them do more with their money. More information about NuMark Credit Union can be found at www.numarkcu.org.
About Pioneer State Bank
At March 31, 2022, Pioneer State Bank, a full-service community bank founded in 1901, has $135 million in total assets, $114 million in deposits, $81 million in loans, and four branches serving the Earlville, Paw Paw and Sublette communities with exceptional customer service and high-quality products. More information about Pioneer State Bank can be found at www.pioneerstatebank.com.