GreenState Credit Union and Midwest Community Bank Announce Strategic Acquisition
Subject to Regulatory Approval
Freeport, Illinois ([October 25, 2021) – Midwest Community Bank (“MCB”) and its subsidiary Blueleaf Lending, LLC (“Blueleaf”) of northern Illinois have entered into a purchase and assumption agreement with GreenState Credit Union (“GreenState”). GreenState will purchase substantially all of the assets and assume substantially all of the liabilities of MCB and Blueleaf, including all of their full-service banking locations as well as their loan production offices in and around the Chicagoland area. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second quarter of 2022.
The board of directors of Lemont National Bank and NuMark Credit Union have unanimously approved the transaction. The transaction is subject to customary closing conditions, including receipt of shareholder and regulatory approvals and is expected to close in the second half of 2025. When the purchase is complete NuMark will have approximately $910 million in assets and increase its footprint with a total of 15 branches.
NuMark Credit Union is federally insured by the National Credit Union Administration (“NCUA”). All accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government by the NCUA and offer the same amount of coverage per depositor as offered by the FDIC. Credit unions generally provide financial benefits to members by charging less for loans, paying more on deposit, and charging fewer/lower fees compared to banking institutions.
GreenState was advised in the transaction by Honigman LLP as legal counsel, and McQueen Financial Advisors, as financial advisor. MCB and Blueleaf were advised by Barack Ferrazzano Kirschbaum & Nagelberg LLP, as legal counsel, and Hovde Group, LLC, as financial advisor.
Statement from GreenState CU's President & CEO:
GreenState President and CEO, Jeff Disterhoft, stated, “The combined resources of GreenState and Midwest Community Bank will produce excellent opportunities for their customers and the communities they live in. It means improvements in product pricing, expansion of branch locations, and additional digital convenience services that will improve the financial lives of their customers.”
Statement from Midwest Community Bank's co-CEO's
Mark and Todd Wright , co-CEO’s of MCB commented, “Our bank has a long history of providing exceptional customer service and giving back to our communities. When we set out to find a potential partner, we wanted one that matched up well with our core value of nurturing long-term customer relationships. We found that alignment with GreenState Credit Union. Together we will be able to do great things for our staff, our customers, and the communities we serve. We couldn’t be more excited about the future.”
About GreenState Credit Union
Established in Iowa in 1938, GreenState (www.greenstate.org) is one of the largest credit unions in the Midwest with just over $8 billion in assets and 350,000 members. It offers deposits, loans, insurance, wealth management, commercial and trust services for its members. For the last 10 years, it has ranked in the top 1% of all U.S. financial institutions for returning profits to its members in the form of better rates and fewer fees (source: Callahan and Associates). GreenState has 24 branch locations serving members in Iowa, Illinois, Wisconsin, Nebraska and South Dakota.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Andre Gard
Associate
Noah Erxleben
Analyst