Downtown Chicago. (Source: Shutterstock)
The $1.2 billion Credit Union 1 in Rantoul, Ill., announced Friday the proposed acquisition of the $311 million Northside Community Bank in Gurnee, Ill.
The industry's ninth credit union-bank planned purchase came one day after the $623 million NuMark Credit Union in Joliet, Ill., said Thursday it expects to buy the $135 million Pioneer State Bank in Earlville, Ill.
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Financial terms were not disclosed of CU1's first planned bank acquisition.
Northside opened in 1997 as a state-chartered bank that specializes in commercial lending. The financial institution posted a net income of $551,000 and ROA of 0.69%, and managed more than $195 million in loans, $246 million in deposits and $50.5 million in capital, according to the bank's first quarter results filed with the FDIC.
Northside, a wholly-owned subsidiary of AliKat Investments Inc., employs 33 people who operate four branches in Gurnee, Mundelein, Riverwoods and Niles, Ill.
In addition to a corporate office, CU1's 370 employees operate 13 branches.
CU1 President/CEO Todd Gunderson said in a prepared statement that the planned acquisition will expand its footprint in the northern Chicago suburbs.
In addition to strengthening the combined organization's ability to serve current customers/members, NorthSide President/CEO Patti Clausen indicated in a prepared statement that it will also open opportunities for the financial institutions to serve more businesses.
Pending regulatory and shareholder approvals, the proposed acquisition is targeted for completion during the first quarter of 2023, according to a joint prepared statement from the financial institutions.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
