Collins Community Credit Union Expanding Outside Iowa
As work continues on a new Collins Community Credit Union (CCCU) corporate headquarters along Blairs Ferry Road in Cedar Rapids, the nearly 80-year-old Cedar Rapids-based credit union has announced plans to expand to the east.
CCCU, the 4th-largest credit union in Iowa, is purchasing First Savanna Savings Bank (FSSB) of Savanna, Illinois. First Savanna was founded in 1886, 54 years before Collins Community Credit Union which will celebrate its 80th year in business in 2020.
First Savanna Savings Bank ran into trouble with the FDIC in March of 2019 when they were placed under a consent order. According to the Gazette, the order came "because of unsafe and unsound banking practices and alleged violations of laws and regulations of the Bank Secrecy Act." The bank currently manages more than $10 million in deposits, $8.5 million of it in loans. It reported a net loss of $79,000 for the second quarter, which ended June 30.
The board of directors of both CCCU and FSSB unanimously approved the deal, which still needs regulatory approval. It's expected to close sometime in the first six months of 2020.