Like many small financial institutions, Lemont National Bank has been facing a number of challenges.

In May 2024, the Office of the Comptroller of the Currency (OCC) identified unsafe or unsound practices at Lemont National Bank, including issues related to capital planning, strategic planning, succession planning and liquidity risk management. Consequently, the bank signed a formal agreement with the OCC to address these deficiencies and ensure its safety and soundness.

At the end of last year, the bank posted a loss of $382,000.

“NuMark Credit Union is a high-performing, growing and successful organization that has demonstrated a commitment to enriching the financial lives of its members and a passion for serving its communities,” Lemont National Bank President/CEO Hercules Bolos said in a prepared statement. “We are extremely excited to have found a partner that will continue to serve our customers in a manner they have come to expect from The Lemont National Bank.”

If the proposed acquisition is approved by shareholders and regulators, NuMark will manage more than $900 million in assets.

This marked NuMark’s second credit union-bank acquisition. In 2022, the credit union purchased the $135 million Pioneer State Bank in Earlville, Ill.

“We are excited for the opportunity to partner with The Lemont National Bank and look forward to welcoming their customers and employees into our family. It is clear to us that our organizations share a common vision in that we are both invested in the importance of putting people and community first in all that we do,” NuMark President/CEO Lloyd Fredendall said in a prepared statement. “As we welcome Lemont customers into the NuMark Credit Union family, we look forward to providing a top-notch experience by focusing on our member-owners’ needs and offering value-added products, services and technology in our ongoing quest to help our members do more with their money.”

This was the second credit union-bank acquisition deal announced so far this year.

Although there were 23 proposed credit union-bank deals in 2024, the planned purchase of Affinity Bank by Atlanta Postal Credit Union in Georgia was called off in December.