On December 21, 2022, Land of Lincoln Credit Union, Decatur, Illinois, entered into a purchase and assumption agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Colchester State Bank, Colchester, Illinois.

Land of Lincoln Credit Union has approximately $375 million in assets and currently has 13 branch offices and over 34,000 members.

Colchester State Bank has approximately $82 million in assets and currently operates one branch in Colchester, Illinois.

Luse Gorman is serving as legal counsel to Land of Lincoln Credit Union in the transaction. The Luse Gorman team consists of Jeffrey Cardone, Michael Brown, Gary Lax, and Ellie Cook.

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.