February 8, 2024

On February 7, 2024, Empeople Credit Union, Moline, Illinois, announced that it had entered into a purchase and assumption agreement with TSB Bank, Lomira, Wisconsin. Pursuant to the agreement, Empeople Credit Union will purchase substantially all assets and assume substantially all liabilities of TSB Bank. Following the completion of the transaction, TSB Bank will dissolve and liquidate, and all remaining assets will be distributed to the shareholders of TSB Bank. The combined institution will have approximately $2.2 billion in assets.

Empeople Credit Union has approximately $2.0 billion in assets, and has 29 branch offices located across Illinois, Iowa, Maine, North Dakota, North Carolina, Wisconsin and Georgia, and over 73,000 members.

TSB Bank has approximately $182 million in assets and has three branches serving the Eastern Wisconsin area.

Luse Gorman is serving as legal counsel to Empeople Credit Union in the transaction. The Luse Gorman team consists of Jeff Cardone, Michael Brown, Ned Quint, Brendan Saxon and Babette Schwartz.

Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past seven years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.