Credit union acquires Ben Franklin Bank

Corporate America Family Credit Union announced Wednesday it will acquire Ben Franklin Financial, the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction.

Financial terms were not announced and the acquisition is expected to close in early 2020.

Ben Franklin Bank, which has branches in Arlington Heights and Rolling Meadows, will be dissolved and become branch locations of CAFCU, the credit union said in a release. Ben Franklin Bank's customers will become members of CAFCU with full access to the credit union's products and services, as well as its larger lending limit, the credit union said in a release.

The acquisition will increase Elgin-based CAFCU's total number of branches to 22 and total assets to about $700 million.

"We are enthusiastic about our consolidation with Corporate America Family Credit Union as it significantly expands opportunities for our customers, our employees, and our community," said C. Steven Sjogren, Ben Franklin Financial president and CEO. "Corporate America Family Credit Union has a history of focusing on the financial success."

Ben Franklin Bank was established in 1893 in Chicago as a building and loan association and has since become a full-service bank with and $93.2 million in assets. It moved to Arlington Heights in 1967 as Douglas Savings and Loan, and changed its name to Ben Franklin Bank in 1998, according to the bank's website.

CAFCU is 15th largest credit union in Illinois with assets totaling $616 million and providing banking services to more than 67,000 members, according to its website. Other suburban locations include Rosemont, Streamwood and Warrenville.