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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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Midwest Community Bank was established in 1965 and specializes in commercial loans. Its 258 employees serve approximately 20,000 customers. MCB operates two branches in Freeport, one in Rockford, Ill., and a loan production office in Woodstock, Ill.
The bank's Sept. 30 Call Report filed with the FDIC showed MCB posted a net income of $17 million and total bank capital of $47.5 million. MCB recorded an ROA of 6.43% and an efficiency ratio of 70%, according to its second quarter results.
MCB is managed by Mark and Todd Wright, who serve as co-CEOs.
According to a prepared statement released earlier this week, GreenState said it will purchase substantially all of the assets and assume substantially all of the liabilities of MCB and its subsidiary Blueleaf Lending, LLC of northern Illinois, including the branches and loan production office.
"The combined resources of GreenState and Midwest Community Bank will produce excellent opportunities for their customers and the communities they live in," GreenState President/CEO Jeff Disterhoft said in a prepared statement. "It means improvements in product pricing, expansion of branch locations and additional digital convenience services that will improve the financial lives of their customers."
The proposed transaction requires regulatory approvals and other customary closing conditions.
GreenState's acquisition of MCB is the 12th credit union-bank purchase deal announced this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
