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Wisconsin-based CU acquires Chicago-based South Central Bank

Oshkosh, Wis.-based Verve a CU has received regulatory approval to acquire Chicago-based South Central Bank NA.

South Central Bank will officially become Verve on Jan. 10. The bank will be dissolved and its five locations will become branches of Verve.

South Central Bank President Todd Grayson will become regional president of Verve.

The deal brings the combined organization to more than $1.2 billion in assets with 21 branches serving nearly 66,000 members in 25 countries.