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THE FOLLOWING IS A U OF I COMMUNITY CREDIT UNION RELEASE
Champaign, IL — U of I Community Credit Union (UICCU) has agreed to purchase and assume certain consumer deposits from the CIBM Bank branch located in Danville, Illinois.
Under the terms of the deposit assumption agreement, UICCU will assume most consumer deposits, including certificates of deposit, money market deposit accounts, IRA savings accounts, and interest-bearing and non-interest-bearing checking and savings accounts, associated with the branch subject to the customary regulatory approval. The transaction is expected to close in the second quarter of 2023.
As of December 31st, 2022, the retail deposit balances at the CIBM Bank branch in Danville were approximately $29 million. UICCU’s total deposit balances were $530 million.
“As a local not-for-profit institution, we welcome this opportunity to further serve members in Vermilion County and continue the positive momentum in that community.” said UICCU President and CEO Chris Harlan. “We are committed to providing an easy process for CIBM customers and delivering value to them through best-in-class technology, competitive rates, convenience, and top products.”
J.Brian Chaffin, CEO of CIBM Bank added, “We are happy to announce the planned transfer of our Danville retail accounts to UICCU. UICCU has the branch network and product offerings to serve the needs of our consumer account holders in the Danville area. The transfer of the accounts should be seamless and CIBM customers will be receiving additional information after all required regulatory applications are approved. Our staff in Danville is ready to answer any questions and assist you with all of your needs while we await the transfer of the retail accounts.”
Once the transaction is completed, affected CIBM Bank depositors will automatically become depositors of UICCU. The NCUA will insure deposits post-closing, so depositors do not need to change their banking relationship to retain their deposit insurance coverage up to applicable limits.
Affected CIBM Bank depositors should continue to use their existing branch until they receive notice of an exact date that the transaction will be completed. UICCU will be sending communication to all affected CIBM Bank depositors with further information and instructions.
U of I Community Credit Union is a not-for-profit, member-owned cooperative that provides a wide range of financial products and services to anyone who lives or works in Champaign, Ford, Piatt, Douglas, Vermilion, Coles, Dewitt, Edgar, Iroquois, McLean, Moultrie, and Sangamon, IL counties as well as University of Illinois employees, Carle employees and other select employee groups. UICCU was named one of the 2017, 2018, 2019, 2020, 2021, and 2022 Best Places to Work in Illinois, 2019, 2020, and 2022 Best Credit Unions to Work For, and 2019 Tops in the 217 Winner for Banks/Credit Unions. To learn more, visit uoficreditunion.org
