Peoria, IL and Pine Bluff, AR (STL.News) Citizens Equity First Credit Union (“CEFCU”) and Simmons Bank (“Simmons”) have entered into an agreement pursuant to which CEFCU will purchase four Simmons Bank branches located in the Metro East area of Southern Illinois, near St. Louis. Select loan and deposit accounts, along with non-deposit product relationships, are included in the purchase.
Subject to the approval of the purchase by the appropriate state and federal regulatory agencies, CEFCU expects the transition to occur in the first quarter of 2021. Customers of the four Simmons’ branches will receive communications from CEFCU and Simmons Bank with additional information about the change.
“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 CEFCU CEO & President Mark Spenny.
“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,” said George Makris, Jr., President & CEO of Simmons Bank.