Citizens Equity First Credit Union (CEFCU) has entered into an agreement to purchase four Simmons Bank branches located in the Metro East area. Select loan and deposit accounts, along with non-deposit product relationships, are included in the purchase.
CEFCU’s purchase of the Simmons Bank locations in Edwardsville, O’Fallon, Godfrey and Columbia is subject to the approval of state and federal regulatory agencies. The transition is expected to be complete in the first quarter of 2021.
“CEFCU has a longstanding history of success and growth through improving the financial well-being of members and the communities we serve. We’re excited to expand the opportunities for more individuals to experience the benefits of CEFCU membership,” said Mark Spenny, CEFCU CEO and president.
George Makris Jr., president and CEO of Simmons Bank, said, “We are pleased about the opportunity this transaction provides our Illinois customers and associates and believe the partnership with CEFCU will be very beneficial for all stakeholders.”
These four additional branches will bring CEFCU’s total locations to 31 throughout Illinois and California.