AG Credit Union purchases Village Bank building

Assemblies of God Credit Union has purchased one of three buildings Village Bank closed on Friday under a restructuring plan by the community bank.

AGCU closed Monday on the purchase of the 1776 E. Independence St. building, made for an undisclosed amount, according to a news release. The credit union plans to reopen the building in February as a full-service branch with loan and member services as well as a lobby and drive-through, according to the release. Additional details were not immediately available.

"The acquisition of this building enables AGCU to better serve its members in southeast Springfield," AGCU President Ed Hirsch said in the release.

The purchase is the second in six months for the credit union, which acquired the former First National Bank branch on West Battlefield this summer and opened it as a credit union branch in late September.

AGCU has one additional office in Springfield and one in Waxahachie, Texas, as well as three branches in the Springfield area that it shares with Postal Federal Community Credit Union.

Village Bank closed the Independence Street branch Friday, along with branches on South Kansas Expressway and on South Street in Ozark, as part of a reorganization process.

Springfield Business Journal reported in September that all the bank's services would be consolidated to its central location at 2360 E. Sunshine St. The move was part of an effort to reduce the bank's overhead by shrinking its footprint, bank President George Marino said in September.