Purchase and Assumption Agreement with NSB Bank

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First Federal Credit Union Credit Union Announces Branch Office

Purchase and Assumption Agreement with NSB Bank

First Federal Credit Union announced it has entered into a purchase and assumption agreement with Northeast Security Bank (NSB), Sumner, IA to acquire NSB’s Urbana, IA branch location. 

“This is an exciting opportunity for First Federal and its members”, Tom Chalstrom, President & CEO of First Federal Credit Union stated.  “We look forward to being part of the Urbana and Benton County community.  This is an ideal location for our members and is part of First Federal’s continued commitment and approach to providing outstanding service and convenience to our members where, when, and how they use our products and services.”

First Federal Chairman of the Board Mike Pickering added, “Throughout our 95-year history we have continually looked toward the future.  Expanding our charter fits into our strategic objectives for providing our best-in-class products and services to residents across Linn and now Benton County.” 

According to Chalstrom, the boards of directors of each organization unanimously approved the proposed branch acquisition, which is expected to close in the fourth quarter of 2021.  Customers of the Urbana branch will become members of First Federal when the transaction is finalized.  The transaction is subject to regulatory approvals as well as other customary closing conditions.