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Iowa’s Largest Credit Union Aims to Buy Third Out-of-State Bank

GreenState expects to finish its acquisition of Illinois’ Midwest Community Bank next year.

two hands shaking on a deal Source: Shutterstock.

The $7.9 billion GreenState Credit Union in North Liberty, Iowa said it expects to close its purchase of the $411 million Midwest Community Bank in Freeport, Ill., by the end of next year’s second quarter.

This is GreenState’s third proposed acquisition this year of an out-of-state bank. Earlier this year, Iowa’s largest credit union entered into purchase and assumption agreements with Oxford Bank & Trust of Oak Brook, Ill., which serves 20,000 customers, and Premier Bank of Omaha, Neb., which serves 10,000 customers.

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Peter Strozniak

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