NuMark Credit Union to Acquire Pioneer State Bank
Joliet, IL and Earlville, IL, June 1, 2022 – NuMark Credit Union (“NuMark”) of Joliet, IL and Pioneer State Bank (“Pioneer”) in Earlville, IL jointly announced today 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.
Statement from NuMark’s President & CEO
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 on-going quest to help our members do more with their money.”
Statement from Pioneer’s Chairman & CEO
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.”