NuMark Credit Union Announces Merger with Pioneer State Bank
Joliet, Illinois – NuMark Credit Union is pleased to announce that the Pioneer State Bank merged with them on April 1, 2023. With this merger NuMark Credit Union have over $750 Million in assets serving over 60,000 members with their thirteen branch locations throughout Northern Illinois.
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. Recently, NuMark Credit Union was awarded a Certificate of Excellence by the Credit Union National Association (CUNA). CUNA determined that NuMark Credit Union provided $7,225,434 in direct financial benefits to its 56,334 members during the twelve months ending in September 2022. These benefits are equivalent to approximately $269 per member household
NuMark’s teams are working to bring their newest member accounts onto their core system which is scheduled to be completed later this summer. Once that conversion is complete, all members will have access to the newest branch locations located in Earlville, Paw Paw, and Sublette, Illinois.
McQueen acted as financial advisor to NuMark Credit Union and Luse Gorman, PC acted as its legal advisor in the transaction. Olsen Palmer LLC served as financial advisor to The Lemont National Bank and Lemont Bancorp, Inc. and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as its legal advisor.
Statement from NuMark’s President & CEO:
“With all of the financial products and services we have to offer, we are looking forward to showing our newest members the value of credit union membership and helping them to more with their money,” says Lloyd M. Fredendall, President & CEO. “NuMark is strong and we’re growing. Our strong capital position and economies of scale help us to provide exceptional service to our members. We have something for everyone from affordable mortgages, auto, personal and business loans, to free checking accounts, competitive-rate CDs, and business services.”
About NuMark Credit Union
NuMark Credit Union is federally insured by 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 National Credit Union Administration. NuMark Credit Union is a not-for-profit financial cooperative. Serving those who live or work in Northern Illinois and Northwest Indiana. They have been serving members for nearly 70 years. See NuMark Credit Union for auto loans, mortgages, checking accounts, business services and more. For more information call (815) 729-3211 or visit numarkcu.org.
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
Victor Sicilia
Analyst