Illinois credit union plans to acquire Tempo Bank

Scott Credit Union in Edwardsville, Ill., has agreed to buy Tempo Bank in Trenton, Ill. 

The $1.5 billion credit union said in a press release Friday that it plans to pay $14.3 million in cash for the $92.9 million-asset Tempo. The deal is expected to close in the second quarter of 2022.

Tempo has two branches that serve about 5,000 customers. Scott Credit Union has 20 locations.

“We are excited for the opportunity to partner with Tempo … and to improve access to our service in Clinton County,” Frank Padak, the credit union’s president and CEO, said in the release. 

Tempo “is a well-managed bank, and we believe its robust mortgage lending portfolio will be beneficial to the credit union as we continue making strides for our goal of long-term growth,” Padak added.

Robert Stroh Jr. chairman, CEO and chief financial officer of Tempo Bank, plans to retire after the deal closes. The credit union said it plans to offer him a consulting agreement.