Land of Lincoln Credit Union has announced plans to acquire Williamsville State Bank and Trust.
While the agreement is contingent on obtaining regulatory and WSB Financial, Ltd. stockholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both institutions. The transaction is expected to close in the first half of 2026.
LLCU, based in Decatur, was founded in 1947. The credit union currently has 15 branches, including a Springfield location at 300 South Grand Ave. West. Other branches are located in Bloomington, Centralia, Colchester, Effingham, Mattoon, Nokomis, Pana and Vandalia. LLCU has approximately $478 million in assets and over 38,000 members.
Williamsville State Bank and Trust, the wholly owned subsidiary of WSB Financial, Ltd., was founded in 1889 and remains headquartered in Williamsville. It also has a branch at 3341 Old Jacksonville Road in Springfield and one in Sherman. WSBT has approximately $97 million in total assets, $86 million in deposits and $29 million in loans.
Following the completion of the transaction, WSBT will liquidate and distribute its remaining assets to its stockholders.
When the purchase is complete, LLCU will have $576 million in assets and further grow its footprint in Sangamon County by adding an additional branch in Springfield as well as a branch in Sherman and Williamsville.
“The acquisition is part of Land of Lincoln’s strategic growth plan, which includes adding branches to better assist our members in Illinois,” said Robert Ares, president and CEO of LLCU, in a written statement. “We are excited for the opportunity to partner with Williamsville and to improve access to our services in Sangamon County and other contiguous market areas. Williamsville is a well-managed bank, and we look forward to welcoming their customers and employees into our family.”
Catherine Gonzalez, president and CEO of WSBT, said, “We are excited about our new partnership with Land of Lincoln. Like Williamsville, Land of Lincoln is a community-focused institution, and the combined resources of the combined institution will ensure that our customers, employees and communities have expanded financial services and membership benefits going forward.”
Luse Gorman, PC is serving as legal counsel to Land of Lincoln Credit Union and Doeren Mayhew Advisors, LLC is serving as its financial adviser. Howard & Howard is serving as legal counsel to Williamsville State Bank & Trust and WSB Financial, Ltd. and Olsen Palmer LLC is serving as financial adviser.
This article appears in SBJ September 2025.