The U of I Community Credit Union is taking over the CIBM bank in Danville.
The UI credit union announced the takeover, saying it would be assuming most consumer deposits. Those include certificates of deposit, money market deposit accounts, IRA savings accounts and checking and savings accounts associated with the branch. The transaction is expected to close in the second quarter of 2023.
As of the end of 2022, the retail deposit balances at CIBM Danville were approximately $29 million. UI credit unions were $530 million.
Once the transaction is completed, affected CIBM depositors will automatically become depositors of UICCU.
